20 year loan rate 4.85%
10 year loan rate 4.37%
The Oakland County Business Finance Corporation (BFC), certified by the U.S. Small Business Administration (SBA) since1982.
All questions welcomed at
Oakland County's BFC:
The SBA 504 Loan Program provides qualified small and medium size businesses with long-term, fixed-rate financing for the acquisition or construction of fixed assets. BFC is a proven and reliable partner with the SBA, lenders, and businesses. BFC's non-profit mission is to help businesses expand and grow and stimulate economic growth in the community.
Eligible Businesses: Apply for an SBA 504 Loan if your owner-occupied business is a financially-stable, for-profit business in Michigan with a net worth of less than $15 million and an average annual net profit (after tax) of less than $5 million.
The BFC has helped close to 500 businesses, throughout Michigan, achieve their goals.
- Land acquisition
- Land improvements
- Building acquisition
- Building construction
- Building renovation
- Machinery and equipment
- Related soft costs
Loan Amount: Approximately $150,000 to $13 million. SBA maximums are $5 million for regular loans and $5.5 million for manufacturing and energy loans.
Funding Source: Typically 40% from the SBA and 50% from a local bank.
Terms: The SBA portion is 10-20 years, and the bank portion is 7-10 years.
Down Payment: 10% of project costs and 15-20% for special purpose buildings or start-ups.
Collateral: The assets being acquired, plus a personal guarantee by the business owners.
Approval Process: 30 days from application.
Fees: Program fees can be financed.