The May 2023 SBA 504 debenture pricing was completed on May 11, 2023.
25 Year Term6.02%
20 YearTerm6.07%
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.
According to the U.S. Chamber of Commerce Quarterly Spotlight, two-thirds of small businesses say that rising interest rates are limiting their ability to access capital for their business. The survey also found that 62% of small businesses had to seek out additional financing in the past year due to rising prices, as inflation remains the top concern for many entrepreneurs.
The event closed with a panel discussion featuring the resource providers on-hand, as well as two local manufacturers. A special shoutout to Johny Roumanidakis, President ofNetcom Inc, for speaking on the panel. Netcom is a SomerCor client and has also taken advantage of the CCMRG.
The SomerCor team is hitting the road to participate in a series of forums to update commercial lenders on the SBA 504 and other U.S. Small Business Administration programs. More dates to come for Peoria, Bloomington, Carbondale, Harrisburg, and Springfield! We'll be presenting in:
Contact our team to learn more about these free forums hosted by SBA’s Illinois District Office, SCORE Mentors, and the Illinois SBDC Network.
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.
Margaret Griffin EVP, Chief Lending Officer (312) 360-3320 Email