June News

June News

Are you new to SBA 504 financing or wondering if a deal is eligible for a SBA 504 loan? If you are, here are answers to some of the questions you may have.

To start with, here are some business eligibility requirements: 

  • They must operate as a for-profit company.
  • They must operate in the United States.
  • They must have a tangible net worth of $15 million or less and an average net income of $5.0 million or less after taxes for the preceding two years.
  • They cannot be engaged in speculation or investment in rental real estate.
  • They must be able to demonstrate a need for the desired credit.
  • They must be an eligible type of business. Check this list of eligible and ineligible types of businesses.

For more information, check out the FAQ page on our website here.  

Interesting MCDC Fact  

MCDC is currently ranked #12 by number of approvals nationally * and has supported the creation of thousands of jobs in Michigan over the last 35 years. Your partnership is an important part of our success which impacts many communities in our great state. So, we Thank You and Appreciate your continued partnership to help us reach our goal of ranking within the top 10 for the next fiscal year.

Click Here for more information on the MCDC and what we have to offer.

*These statistics are from the Eagle Compliance website.