SPRINGFIELD, Ill., Jan. 10, 2024 /PRNewswire/ — Growth Corp, a mission-driven Certified Development Company (CDC), is proud to continue its 35-year commitment to connecting local small businesses with access to quality capital. As many businesses struggle to find affordable growth financing in this higher-rate environment, Growth Corp is offering below-prime, fixed-rates through its 504 Loan Program. This unique program allows business owners to secure fixed-rate financing that is often at a lower interest rate than most traditional loan programs. Combined with longer repayment terms of up to 25 years and lower down payment requirements, it’s hard to find a better option anywhere. More and more business owners are utilizing the 504 as an opportunity to lock in predictable, long-term, fixed-rate financing.
In Fiscal Year 2023 alone, Growth Corp helped fuel growth for approximately 200 small businesses, securing $197 million in new 504 loans. In turn, this created and retained over 1,600 jobs. Every dollar of every loan had a tangible impact on the life of a business owner pursuing their dream.
Created by the U.S. Small Business Administration (SBA), the 504 Loan Program is a premier economic development tool. 504 loans put expansion dreams within reach for growing businesses by offering affordable, long-term financing with low, fixed interest rates for purchasing major fixed assets, such as equipment or real estate. Business owners find the structure of 504 loans attractive as well. Because there are three parties involved (a local bank or credit union; a Certified Development Company (CDC), such as Growth Corp; and the small business owner), as much as 90% of the expansion project is financed from sources outside of the business owner’s pocket. In addition, participation in the 504 Loan Program requires either job creation or the fulfillment of public policy goals, which simultaneously encourages local economic growth.
“When you opt for a 504 loan, you’re not just gaining access to favorable financing terms: you’re also tapping into the expertise and support of the U.S. Small Business Administration and local CDCs, such as Growth Corp,” said Doug Kinley, President of Growth Corp. “The rare combination of competitive interest rates, long-term stability, low down payments, room for continued growth, and the support of experienced organizations behind you means SBA 504 loans are not just a financing option—they’re a strategic move to secure your small business’s future.”
About Growth Corp
Growth Corp is a nonprofit, mission-based lender dedicated exclusively to connecting small businesses with quality expansion capital. Recognized as an Accredited Lender with SBA, a distinction only given to CDCs with exceptional performance, Growth Corp is the largest 504 lender in Illinois and a top 10 CDC nationwide. In addition, Growth Corp is proud to host the Illinois Small Business Development Center (SBDC) for Central Illinois and is committed to helping expand its services for individuals interested in starting or growing a business. To find out more about Growth Corp and the 504 Loan Program, visit www.growthcorp.com.
For more information, contact:
Sara Vanhala,
Director of Marketing & Communications
Growth Corp
217-241-2561
SOURCE Small Business Growth Corp
