PENNSYLVANIA
– The U.S.
Small Business Administration Philadelphia District Office is pleased to
announce that SBA has approved “The 504 Company’s” Multi-State
request to expand into the Commonwealth of Pennsylvania. “The 504
Company” also does business in New York and in parts of New Jersey.
“The
504 Company” is authorized to offer the SBA 504 loan and Community Advantage loan
throughout the Commonwealth of Pennsylvania and to eligible New York State and
New Jersey businesses as well. The SBA 504 Loan Program is a fixed-asset
economic development program designed to promote growth and job creation in
small businesses. As a Community Advantage Lender “The 504 Company”
will be offering SBA 7(a) loans in amounts up to $250 thousand to businesses
that cannot qualify for a conventional or SBA loan from its bank of account.
“It’s a
pleasure to welcome ‘The 504 Company’ to our family of CDCs providing lending
services to our local entrepreneurs and across the entire state of
Pennsylvania. SBA applauds ‘The 504 Company’ for their willingness to fund
small businesses, which helps create jobs and improve the economy,” said
David Dickson, District Director for SBA’s Philadelphia District Office.
“We have excellent CDCs in the state and it’s great to have ‘The 504
Company’ join the economic development team bringing SBA’s 504 loans throughout
eastern, central, and western Pennsylvania. SBA 504 loans can be a very powerful
tool for a small business to acquire land, buildings, and major pieces of
capital equipment. We welcome them to the team!”
“We are
pleased to have the opportunity to expand our area of operations to include
Pennsylvania, as it complements our work in New York and New Jersey. We have
been successful in our existing markets by emphasizing our partnerships with
lenders as we strive to be a creative, responsive and cost-effective resource
for SBA 504 lending. As one of the leading SBA 504 and Community Advantage
lenders nationally we bring a depth of knowledge and experience to the
process,” said President and Chief Executive Officer Pat MacKrell. “I
have spent quite bit of time in Pennsylvania of late and am grateful for the
warm reception we have received and the opportunity to add to the great work
being done by the existing CDCs in Pennsylvania. We look forward to
establishing offices statewide as we have done in New York.”
SBA’s
CDC/504 loan program is a long-term financing tool for economic development
within a community that provides growing businesses with long-term, fixed rate
financing for major fixed assets, such as land and buildings. The goal of a
Certified Development Company is to contribute to the economic development of
its community. CDCs work with SBA and private-sector lenders to provide
financing to small businesses.
SBA’s 504
Loan Program provides approved small businesses with long-term, fixed-rate
financing used to acquire fixed assets such as buildings, equipment, or
machinery for expansion or modernization. The SBA 504 loan program is a powerful
economic development tool that offers small businesses a competitive avenue for
financing business oriented real estate, while promoting business growth and
job creation in local communities.
SBA-guaranteed
loans are designed to help small business owners start, grow and succeed. For a
complete list of participating lenders, please visit www.sba.gov/pa.
