For More Information contact:
Coastal Enterprises, Inc.
36 Water Street, PO Box 268
Wiscasset , ME 04578
207/882-7552
207/882-7308
[email protected]
www.ceimaine.org
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SBA 504 Loans |
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| Description: |
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In 1981, the U.S. Small Business Administration (SBA) launched the 504 Program to help small businesses reach their full employment potential. It is a fast-growing, flexible business finance program. SBA 504 loans are for businesses to build or improve their fixed assets - mainly real estate and equipment. The terms of the loan are 20 years for real estate and 10 years for equipment. CEI is licensed as a Certified Borrower by the SBA to administer the 504 Program in Maine, and is the largest CDC based in Maine.
More on SBA 504 Loans
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| Eligibility: |
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Almost all for-profit owner-operated Maine small businesses are eligible. The 504 Program's maximum loan size is $1,500,000 (in some circumstances, up to $2,000,000 and for Manufacturing up to $4,000,000).
The tangible net worth of the business cannot exceed $7 million and the previous two years net profit after taxes cannot exceed $2.5 million.
Minimum project size: $125,000
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