The 504 Refinance product is now available – applications are being taken immediately.
The interest rate on the refinancing product is 1.15 basis points higher than the traditional 504 loan.
The 504 refinance product cannot be used for:
- The business must be at least 2 years old and had the same ownership for the last 2 years
- The original debt that was incurred to be refinanced must be at least 6 months old
- Refinancing an existing loan owed to a guarantor or associate of the borrower
- Expansion or improvement to a building (see traditional 504 product)
- Unprofitable or non-creditworthy entities
- Businesses past due on existing debt within the last 12 months