Arizona companies will soon receive over $23 million in SBA small business loans, based on financing approved in the last three months by Small Business Finance.
The SBA-504 loans, provided in partnership with local banks, will help 10 small businesses expand and create new jobs. The largest single loan provided was $7.9 million.
“We’re on pace to double the amount of SBA-504 financing to local entrepreneurs in 2014,” said Chris Bane, Small Business Finance loan officer, who expedited all 10 loans.
The banks that partnered with Small Business Finance on the SBA-504 loans included Alliance Bank of Arizona, Bank of the West, National Bank of Arizona and JP Morgan Chase.
The current SBA loan rate is 5.30% for this type of financing, which helps small businesses finance long-term fixed assets such as commercial real estate and large equipment. The Arizona businesses receiving the loans will be able to preserve cash for operations and build owner equity.
Small Business Finance is the nation’s leader in SBA-504 loans. In Arizona, the company is on pace to exceed its FY13 total of $27 million in financing to small businesses.
Small business owners can find out if they can qualify for a SBA-504 loan by using the company’s Prequalify Today tool.