![]() In Maine, the loans are mostly used to buy, build or expand commercial real estate, says Diane Sturgeon, deputy district director of SBA’s Maine District Office. Land, streets, utilities, parking lots, landscaping.In most cases, borrowers provide the remaining 10%, although start-up and special-purpose projects require up to 20% equity.Ī 504 loan can be used for a range of assets, including purchase or construction of: An SBA-licensed certified development company, or CDC, funds 40% through a loan secured by a second lien. In the typical 504 project, a third-party lender - a bank or credit union - funds 50% of the cost with a loan secured by a first lien. Helping small businesses build their dreams is the goal of the SBA 504 program, thanks to long-term, fixed-rate financing for eligible projects. This lowered the price of entry into the commercial real estate game.” So for guys like us, we only had to come up with $110,000 to start building our dream. “It allowed us to get into a million-dollar property with just 10% down,” Gould says. When a much larger 20,000-square-foot building on 1.69 acres popped up, the loan program made it possible for Gould to take on the $1.1 million price tag and also invest immediately another $200,000 in renovations to become a turnkey operation. Gould learned the 504 provides long-term, below-market, fixed-rate loans with a down payment as low as 10% - far lower than the 20% to 25% required by a conventional loan. Granite State is a certified development company, a nonprofit that administers the 504 program on behalf of the SBA. ![]() Morphew connected Gould with Paul Collins at Granite State Development Corp. Note: We do not offer technical support for developing or debugging scripted downloading processes.NBT Bank’s Wayne Morphew says the 504 program helps third-party lenders mitigate risk while allowing them to retain a first-lien position. Note that this policy may change as the SEC manages SEC.gov to ensure that the website performs efficiently and remains available to all users. ![]() ![]() This SEC practice is designed to limit excessive automated searches on SEC.gov and is not intended or expected to impact individuals browsing the SEC.gov website. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. If a user or application submits more than 10 requests per second, further requests from the IP address(es) may be limited for a brief period. Current guidelines limit users to a total of no more than 10 requests per second, regardless of the number of machines used to submit requests. We reserve the right to block IP addresses that submit excessive requests. To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. For security purposes, and to ensure that the public service remains available to users, this government computer system employs programs to monitor network traffic to identify unauthorized attempts to upload or change information or to otherwise cause damage, including attempts to deny service to users. More Information Internet Security Policyīy using this site, you are agreeing to security monitoring and auditing. For more information, contact more information, please see the SEC’s Web Site Privacy and Security Policy. You can also sign up for email updates on the SEC open data program, including best practices that make it more efficient to download data, and SEC.gov enhancements that may impact scripted downloading processes. Please declare your traffic by updating your user agent to include company specific information.įor best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. Your Request Originates from an Undeclared Automated Tool
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