The December 2023 SBA 504 debenture pricing was completed on December 7, 2023.
25 Year Term6.59%
20 YearTerm6.61%
The SBA is offering a 504 Loan with a 25-year maturity for the acquisition of owner-occupied commercial real estate and related costs. This is in addition to the 10 and 20 year loans currently available in the 504 Loan Program. Loans are typically eligible for up to 90% financing of project costs. Rates include monthly servicing fees to CDC, SBA, and central servicing agent; based on SBA FY24 fees. SBA 504 refi rates are approximately 3 basis points higher than debenture pricing noted above.
Are you up to speed on the latest enhancements to the SBA 504 program? Learn more about updates by the U.S. Small Business Administration to ALP Express and changes to the 504 refinance option that just went into effect last month. Reach out to a member of the SomerCor origination team today for more information on how the 504 program can be a win-win for both lenders and small business borrowers, especially in times of economic uncertainty.
Do you have small business clients in Illinois that launched between January 1, 2020 and December 31, 2021? If so, they may be eligible to apply for up to $30,000 in grant money through the Illinois Back to Business Grant Program. This round of funding is specifically designated to support entrepreneurs that started their businesses during the pandemic.
Applications are open now through January 11, 2024. Learn more to see if this is a good fit for your small business clients at https://b2bnewbiz.com/
SomerCor is a nonprofit, SBA Certified Development Company specializing in SBA 504 loan origination and servicing. For over 30 years, SomerCor has proudly partnered with lenders and small businesses throughout Illinois.
Contact our team today - we are your bridge to the SBA 504 program.
Margaret Griffin EVP, Chief Lending Officer (312) 360-3320 Email