SBA 504 Loan Interest Rates
Official monthly SBA 504 effective interest rate tables can be found at Eagle Compliance LLC. 25- and 20-year term loans fund every month; 10-year term loans fund every other month. Effective interest rates are inclusive of servicing fees, which are subject to credit risk of the applicant.
Central Florida businesses affected by severe storms and flooding on August 15-26, 2013, can apply for low-interest disaster loans from the Small Business Administration (SBA).
Acting SBA Administrator Jeanne A. Hulit made the loans available in response to a letter from Florida Gov. Rick Scott on Sept. 11, 2013, requesting a disaster declaration by the SBA.
The declaration covers Citrus, Hernando, Pasco and Sumter counties.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets, according to the SBA.
Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
The SBA has established a Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications. The Center is located in Hernando County at the Brooksville City Hall, 201 Howell Avenue Brooksville, Florida 34601.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 4% for businesses and 2.875% for non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the Disaster Loan Outreach Center may also obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov.
Loan applications can also be downloaded at www.sba.gov/disaster.
Completed applications should be returned to theDisaster Loan Outreach Center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Nov. 18, 2013. The deadline to return economic injury applications is June 17, 2014.
