SPRINGFIELD, Ill., April 29,
2024 /PRNewswire/ -- For more than 50 years, the U.S.
Small Business Administration (SBA) has celebrated National Small
Business Week, which recognizes the critical contributions of
America's small business owners. This year, National Small Business
Week takes place April 28 –
May 4, 2024. Scheduled events for the
week include award ceremonies, spotlights on available resources,
educational sessions, and virtual summits.
One of the most critical components for small businesses to
remain productive is access to capital. As many businesses struggle
to find affordable growth financing in this higher-rate
environment, Growth Corp, a non-profit, mission-driven Certified
Development Company (CDC), is proud to continue its 35-year
commitment to connecting small businesses with access to quality
capital via the SBA 504 Loan Program, a lending program designed to
help business owners invest in their business and expand in an
affordable way. This unique program allows business owners to
secure fixed-rate financing that is often at a lower interest rate
than most traditional loan programs. Combined with longer repayment
terms of up to 25 years and lower down payments, it's hard to find
a better option anywhere. More and more business owners are
utilizing the 504 as an opportunity to lock in predictable,
long-term, fixed-rate financing.
Created in 1958, the SBA 504 Loan Program is a premier
economic development tool. 504 loans put expansion dreams within
reach for growing businesses by offering affordable, long-term
financing with low, fixed interest rates for purchasing major fixed
assets, such as equipment or real estate. Business owners find the
structure of 504 loans attractive as well. Because there are three
parties involved (a local bank or credit union; a Certified
Development Company (CDC), such as Growth Corp; and the small
business owner), as much as 90% of the expansion project is
financed from sources outside of the business owner's pocket. In
addition, participation in the 504 Loan Program requires either job
creation or the fulfillment of public policy goals, which
simultaneously encourages local economic growth.
Growth Corp is a strong advocate for economic development and
the advancement of small business. As part of National Small
Business Week, Growth Corp is honoring the irreplaceable role they
play in our economies and pledges to continue equipping them with
the tools and resources they need to succeed.
About Growth Corp
Growth Corp is a
nonprofit, mission-based lender dedicated exclusively to connecting
small businesses with quality expansion capital. Recognized as an
Accredited Lender with SBA, a distinction only given to CDCs with
exceptional performance, Growth Corp is the largest 504 lender in
Illinois and a top 10 CDC
nationwide. In addition, Growth Corp is proud to host the Illinois
Small Business Development Center (SBDC) for Central Illinois and is committed to helping
expand its services for individuals interested in starting or
growing a business. To find out more about Growth Corp and the 504
Loan Program, visit www.growthcorp.com.
For more information, contact:
Sara Vanhala,
Director of Marketing & Communications
Growth Corp
217-241-2561
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SOURCE Small Business Growth Corp