Monday, 23 April 2018 11:06

New 25 Year SBA 504 Loan and Recent SBA 504 Loan Approvals

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New 25 Year SBA 504 Loan and Recent SBA 504 Loan Approvals Submitted photo

The Small Business Administration (SBA) recently announced that it is making available a 504 Loan with a 25 year maturity. This loan is in addition to the 10 and 20 year 504 Loans that are currently available through the 504 Loan Program.

Small business borrowers will have this additional choice when selecting financing for their long term capital projects. The 25 year loan will lower the borrower's monthly payments by spreading those payments over a longer term. Interest rates on 504 loans are fixed for the term of the loan.

Certified Development Companies, like Operation Oswego County, believe this change to the 504 Loan Program will be beneficial to small businesses looking for alternatives to existing variable rate financing.

To see if a 25 year SBA 504 Loan is right for your project, please contact OOC at (315)343-1545 or [email protected]

With the assistance of Operation Oswego County, the projects below recently received or were approved to receive funding through the SBA 504 Loan Program.

Finger Lakes Stairs & Cabinets, LLC, was approved for $193,000 towards the construction of a new facility in the Town of Schroeppel.

Happy Hearts Childcare was approved for $56,000 towards the purchase of a building and renovations in the Town of Scriba.

Man in the Moon Candies was approved for $173,000 for the purchase of a building plus renovations in the City of Oswego.

Marmon Enterprises was approved for $143,000 to purchase a building in the Town of Williamstown.

Nona Dina Pizzeria was approved for $62,000 towards the acquisition of the business in the Town of Hastings.

Off Broadway Dance was approved for $52,000 to purchase and renovate a building in the Town of Granby.

Thunder Island was approved for $892,000 towards the acquisition of the business in the Town of Granby.

Holiday Inn Express received a $2,513,000 loan to help finance construction of the 89-room hotel in the City of Oswego.

The Eis House received a $152,000 loan to help acquire and renovate the restaurant in the Town of Mexico.

Ontario Shores R.V. Park received a $555,000 loan to help acquire and make improvements to the recreational and camping park in the Town of Richland.

Three additional businesses are currently working with Operation Oswego County to secure SBA 504 Loan funding for their projects. To see if the SBA 504 Loan Program is right for your project, visit http://www.oswegocounty.org/sba504.php or contact OOC at 315-343-1545.

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