(July 18, 2023) – Growth Corp was named Illinois’ 504 Lender of the Year by the U.S. Small Business Administration (SBA). This prestigious award recognizes Growth Corp’s commitment to economic development and job creation through facilitation of the 504 Loan...
Small business financing that was actually designed to meet the needs of small businesses? Sound too good to be true? It’s not! The decision on when to expand and/or relocate your business is a difficult one. Two of the most recognized hurdles you may...
If you want to jump into entrepreneurship, opening a franchise could be a good way to become a small business owner while take full advantage of the support and name recognition of an established brand. And when it comes to financing a franchise, the Small Business...
SBA 504 Interest Rates are often below the Prime Interest Rate. The average Prime Rate (August 1955 – Present) is 9.80%. Today’s Prime Rate is 8.25%. Conversely, today’s 25-Year Fixed SBA 504 Interest Rate is 6.02%. While this is higher than the...
The U.S. Small Business Administration (SBA) issued a series of new procedural notices this week, including SBA Information Notice 5000-847027 publishing the new SOP 50-10-7, “Lender and Development Company Loan Programs.” SOP 50-10-7 will become effective August 1,...
Brokers, when it comes to commercial real estate, we are your partner in closing deals! We’ve specialized in owner-occupied commercial real estate financing for 35 years. Growth Corp’s Lending Team has worked with thousands of businesses spanning every...
Important 504 Loan Servicing Changes If you have an SBA 504 Loan, please take note of this important 504 Loan Servicing change regarding the ACH debit transactions for monthly SBA 504 loan payments. The File ID/Company ID associated with the ACH debit will be...
SBA’s Illinois District Office, SCORE and Illinois’ SBDC Network are holding a series of free forums to update commercial lenders on agency programs and services. Topics will include SOP 50 10 changes, new Fiscal Transfer Agent (FTA), and upcoming SBA training...
One question we are hearing repeatedly is…how can I refinance SBA 7a debt into a long-term 504 loan? This is a great question because SBA 504 Refinancing is especially important as interest rates rise. Essentially, the 504 helps businesses lock in lower...
There are many benefits to working with a Small Business Development Center, or SBDC for short. Here are just a few of the many benefits they provide… 1. Objective Feedback and Advice– from small business experts focused on YOUR best interests The SBDC...
