(ALBANY, NY)
The 504 Company, a not-for-profit corporation which works in partnership
with lenders across the country to provide loans through the U.S. Small
Business Administration’s Development Company Loan Program (also known as the
SBA 504 loan program) and the Community Advantage Loan Program, has opened
offices in Fort Lee and Farmingdale, New Jersey to assist New Jersey small
businesses in securing financing to promote opportunity and support job growth.
SBA 504 loans are designed to provide financing for the purchase and/or improvement of fixed assets (real estate, buildings and machinery), on favorable rates and terms. The SBA Community Advantage program is designed to provide small businesses, ranging from start-ups to seasoned businesses in underserved markets, with more flexible access to capital. In 2014, The 504 Company was named the 2015 Community Advantage Lender of the Year by the U.S. Small Business Administration. The 504 Company is a national leader in both the SBA 504 and Community Advantage Loan Programs.
“We are very excited to open these offices to assist small businesses located in New
Jersey that are looking for financing options to help them grow,” said Pat MacKrell, president and chief executive officer of The 504 Company. “We work with our borrowers, not just to help them get the capital they need, but also to be successful and help grow our economy.”
Hector DaCosta was recently appointed Senior Vice President and New Jersey Regional
Manager. DaCosta was previously a Senior Vice President for the New Jersey
Business Finance Corporation.
“We’re already hearing great things from our bank partners and look forward to working
with them to assist their customers. This is an exciting opportunity for us to
help them hire more people and prosper,” said MacKrell.
