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Core Upgrade Updates: Partners 1st members can now use the CO-OP Shared Network at other institutions. Non-Partners 1st members cannot conduct transactions at our branches currently but can view other CO-OP Shared Network institutions with our Location Finder. We are working to get it back up and running for non-members as soon as possible. Navigate the core upgrade like a pro with the new tips available under the "Core Updates" section of our website or click here.

504 Loan Program

Business Loans
Eligibility

If you need to fund your next endeavor with a 504 loan, your business must:

  • Be a U.S. for-profit business
  • Have a tangible net worth of less than $15 million
  • Have an average net income of less than $5 million for two fiscal years

Benefits for U…

Terms – Get up to 20 year terms for real estate and up to 10 years on machinery or equipment.

Rates – Can be fixed or variable to fit your budget.

Minimal prepayment penalties – For the first half of the SBA 504 loan, there are declining prepayment penalities. For the Partners 1st portion of the financing, there are no prepayment penalties.

Low down payment – Equity contribution of 10%, 15%, or 20% depending on loan type, longer term fixed rate, full amortization, and no balloon payment.


Business certificates
Loan Requirements

Before starting your loan, ensure you can’t secure funds from another source or are engaged in a real estate investment opportunity. To qualify for a CDC/SBA 504 loan, your business must meet these minimum requirements:

  • Credit score: At least 680
  • Down payment: At least 10% of the project cost

Additional requirements may be:

  • Have a tangible net worth of less than $15 million
  • Be able to repay the loan on time from the projected operating cash flow of the business
  • Have been in business 3 or more years and are profitable
  • Building must be at least 51% owner occupied


Got Questions?

Let’s talk. Our Business Service Team is ready to configure a loan to meet your needs.

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