SBA 504 lending in Illinois is increasing rapidly as attractive interest rates are being offered, and refinancing opportunities. SBA 504 loan program provides fixed rate and government guaranteed long term loans. This fund is made available with the aim to help small businesses finance purchase, do construction work and renovate commercial real estate. The fund also makes it possible for small business borrowers to acquire machinery and equipments.
The SBA 504 program has standardized lending platform and is creating opportunities for businesses to grow and expand operations. It makes available sufficient capital so as to provide refinancing programs for borrowers of small businesses. Recently, the approved SBA 504 loans have totaled $275 million and it is an increase of 14.86 percent from the same period in the previous year. Moreover, in fiscal year 2011, 412 deals are completed that is an increase compared to 2009 when 366 loans were approved.
The average loan approval given in fiscal year 2011 is $669,200 which is a straight 21.8 percent increase as compared to 2010 when the average approval remained $549,300. In the year 2009, average loan remained $626,030 that is 6.9 percent lower in comparison to 2011. The SBA funds are made attractive and more easily available in 2011. Above-all, new regulations have made it easy to use SBA 504 loans for refinancing purposes.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org