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SBA 504 Loan Public policy and community development goals.

Mar 15

The 504 Loan Program is the only SBA business loan program with a statutory requirement to promote local economic development through job creation or retention, or meeting a public policy or community development goal. Projects must meet a minimum job creation/retention goal of one job for every $90,000 in 504 funds (one job for every $140,000 for manufacturers).


Examples of public policy/community development goals include, 1) aiding rural development, 2) assisting small manufacturers, 3) increasing productivity and competitiveness, and 4) expansion of minority owned and veteran owned businesses.

Comments

Fair Lending Policy
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In keeping with its economic development mission, SBCC is committed to the principles of fair or equal opportunity lending.  A consistent and high level of assistance and servicing will be provided to all small business or business owners regardless of race, national origin, religion, sex, age, marital status, disability, receipt of public assistance, or other factors.  Underwriting standards will be applied fairly and consistently permitting access to credit for  abroad range of customers.  Applicants with equivalent credit qualifications will receive the same consideration.
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