As one of four SBA Certified Development Companies in Alabama, Birmingham City Wide (doing business as FoundationCapital) partners with the U.S. Small Business Administration and private financial institutions to originate loans for small businesses.
We join forces with our lender partners to help business clients get the capital they need to fund their long-term goals. Through our partnerships, we help businesses secure financing at favorable terms.
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CEO of Birmingham City Wide dba FoundationCapital
SBA 504 loans of up to $5 Million in most industries are available to small businesses. The SBA 504 loan is provided by an SBA-licensed Certified Development Company (CDC).
We are available to answer your questions so you can make the best commercial financing decision for your business.
When Will My SBA 504 Loan Be Approved?
Generally, it takes at least four weeks to get your SBA 504 loan approved. It can take longer depending on the complexity of your loan, the accuracy of your documentation, and whether new construction is required for your project.
Can I use an SBA 504 Loan To Refinance?
Yes, in certain circumstances. When refinancing only long-term fixed asset debt, the maximum loan to value (LTV) is 90%. If the project includes cash out for eligible business expenses, the maximum LTV is 85% (a maximum of 20% may be used for eligible expenses). Other restrictions apply.
How will the interest rate be determined?
The loan rate is determined by the current market rate for government guaranteed securities. The rate is fixed for the term of the SBA/FoundationCapital loan. Generally, the rule of thumb in projecting a rate is the 10 year Treasury rate plus 210 basis points. Market rates are allowed on the private lending portion (50% of project).