504 loans

This loan is based on the economic crisis that the country is going through, the objective of which is that each business can save while it is in the program and have an economic cushion for next year.The maximum loan amount for a 504 loan is $5.5 million.

This is a loan with the right to forgiveness whose only requirement is to have support for each expense you invest in your business. The 504 loan can be used in:

• Basic Bill expense (electricity payments, water payment, internet,  Etc…)
• Payment of attendees
• Rent payment
• Remodeling
• Food for children
• Purchase of Appliances (crib, mattresses, kitchen, beds, toys, refrigerator, etc.)

To be eligible for a 504 loan, your business must: 

Operate as a for-profit company in the United States or its possessions

•  Be considered a small business
• You must have income of 100,000 dollars, no more than 5,000,000 (with exceptions, call customer service 425 440 8058)
  
• Have a tangible net worth of less than $15 million
• Have an average net income of less than $5 million after federal income taxes for the two years preceding your application

Other general eligibility standards include  falling within SBA size guidelines, having qualified management expertise, a feasible business plan, good character and the ability to repay the loan.

Loans cannot be made to businesses engaged in nonprofit, passive, or speculative activities. For additional information on eligibility criteria and loan application requirements, small businesses and lenders are encouraged to contact a Certified Development Company in their area.

A 504 loan  can be used for a range of assets that promote business growth and job creation. These include the purchase or construction of: 

• Existing buildings or land 
• New facilities 
• Long-term machinery and equipment with a useful remaining life of a minimum of 10 years, including project-related AI-supported equipment or machinery for manufacturing products

Or the improvement or modernization of: 

• • Land, streets, utilities, parking lots and landscaping
  • MORGEST DEBT
  • AUTO LOAN DEBT
  • STUDENT DEBTS
  • CREDIT CARD DEBT
  • HOW LONG THIS PROCESS LASTS: THIS PROCESS CAN LAST UP TO A MONTH IF YOU DO NOT ANSWER THE CALL, BUT IF YOU CONTINUE WITH THE PROCESS IT CAN LAST A MAXIMUM OF 2 WEEK OR 1 WEEK

• Existing facilities 

A 504 loan  cannot  be used for: 

• Working capital or inventory 
• Consolidating, repaying or refinancing debt 
• Speculation or investment in rental real estate
• The financing of AI-related working capital, intellectual property, or consulting services soft costs
• Buying Houses
• Mortgage Payment
• Cancellation of debit or credit card debts
• FEDERAL LOAN DEBTS (SBA, PPP, IDEL, RETIREMENT LOANS, OR ANY FEDERAL LOANS)

• 504 loans are available exclusively through Certified Development Companies (CDCs).  
• Information to send:
• HUD Assistance Application Form
• Photocopy of a receipt with home address
• ID photo on both sides
• Identity Validation Photo.
• Proof of Cancellation of Closing Costs Advance Payment Fee.