504 Loan Overview
In November 2013, the RDC expanded again into the entire Chicagoland region, including the Illinois counties of Cook, Will, Grundy, Kendall, DuPage, Kane, DeKalb, Lake and McHenry. In order to further assist the communities it serves, the RDC expanded again in 2014 and began administering Revolving Loan Funds for several local cities and counties.
Since it’s inception, the RDC has funded more than 500 loans, creating over 6,500 jobs and over $500 million in capital investment throughout Indiana and Illinois.
The RDC is also a proud supporter of the communities it serves, donating more than $250,000 cash to local economic development and small business initiatives.
History Of The Program
The Regional Development Company is certified by the U.S. Small Business Administration to work directly with businesses in accessing the same capital markets as publicly traded companies. There is no cost to the taxpayer. Private investment firms sell pools of government-backed securities in the capital markets to fund the 504 loan program.
Contrary to the belief that the SBA is only for businesses that can’t secure financing elsewhere, the 504 loan program is designed to assist existing, healthy, creditworthy businesses. The credit requirements in this program mirror conventional underwriting practices of local lending institutions with one important difference: The business can leverage 90% financing and conserve valuable working capital to grow sales and expand their work force.
Get Started Today
Contact us to get more info to see if your business is right for a 504 loan. Lets get the ball rolling, one of our loan officers will be in touch with you shortly: