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A lot of borrowers have great relationships with their banks, and when banks recognize an opportunity, they bring us in.” “We’ve done deals across the state - Presque Isle, Machias, Kittery, Bethel,” says Collins. The projects involved seven different banks. Total project costs ranged from $235,000 to nearly $9 million. In February, Granite State partnered on 10 projects approved by the SBA, including a marina in Lebanon, a Mexican restaurant in Kittery and a tire recycling company in Fairfield. Granite State averages 50 to 70 loans in Maine and 250 to 300 in New England per year through the program. “That allows them to grow and continue to develop their business.”Īnother plus: The SBA provides fixed interest on the loan for 20 to 25 years on real estate and 10 years on equipment, which compares favorably to bank loans, which generally have shorter terms and the potential for increased interest rates when the term resets. “That’s the lifeblood of any business,” says Collins. The program requires a much lower down payment than conventional bank financing, allowing borrowers to retain more working capital for their business and providing predictable payments through the life of the loan, she explains.īenefits for borrowers include the lower down payment, which allows them to retain working capital. In Maine, the loans are mostly used to buy, build or expand commercial real estate, says Diane Sturgeon, deputy district director of SBA’s Maine District Office.

Land, streets, utilities, parking lots, landscaping.

In most cases, borrowers provide the remaining 10%, although start-up and special-purpose projects require up to 20% equity.Ī 504 loan can be used for a range of assets, including purchase or construction of: An SBA-licensed certified development company, or CDC, funds 40% through a loan secured by a second lien. In the typical 504 project, a third-party lender - a bank or credit union - funds 50% of the cost with a loan secured by a first lien. Helping small businesses build their dreams is the goal of the SBA 504 program, thanks to long-term, fixed-rate financing for eligible projects. This lowered the price of entry into the commercial real estate game.” So for guys like us, we only had to come up with $110,000 to start building our dream. “It allowed us to get into a million-dollar property with just 10% down,” Gould says. When a much larger 20,000-square-foot building on 1.69 acres popped up, the loan program made it possible for Gould to take on the $1.1 million price tag and also invest immediately another $200,000 in renovations to become a turnkey operation.

Gould learned the 504 provides long-term, below-market, fixed-rate loans with a down payment as low as 10% - far lower than the 20% to 25% required by a conventional loan. Granite State is a certified development company, a nonprofit that administers the 504 program on behalf of the SBA. Morphew connected Gould with Paul Collins at Granite State Development Corp.

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