SBA 504 July 2023 Interest Rates

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The July 2023 SBA 504 debenture pricing was completed on July 6, 2023.

25 Year Term 6.58%

20 Year Term 6.63%

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 FY23 fees. SBA 504 refi rates are approximately 2 basis points higher than debenture pricing noted above.

CLICK TO DOWNLOAD SBA 504 REFERENCE GUIDE

CLICK TO DOWNLOAD SBA 504 REFI REFERENCE GUIDE

SomerCor Celebrates SBA 504 Lending Partners

The SomerCor team was on hand for the Illinois Bankers Association Annual Convention in Chicago! It was a great opportunity to connect with our SBA 504 lending partners in person.

We continued the celebration afterhours with a rooftop happy hour event. A special thanks to SomerCor Board Members, Thomas Huffman, Michael Martino, and the IBA's own, Julie Winterbauer, for attending!

This spring the U.S. Small Business Administration published two new rules impacting the SBA 504 program. The National Association of Development Companies (NADCO) and the certified development company (CDC) lending industry have long advocated for regulatory changes to make the 504 loan process more efficient and get capital into the hands of small business owners faster, while maintaining the integrity of the program. Click here to learn more about these program changes and stay tuned for implementation updates.

SomerCor is a nonprofit, SBA Certified Development Company specializing in SBA 504 loan origination and servicing. For 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.