Leverage this alternative financing option to acquire fixed assets — or to expand or modernize your small business.
- Competitive Rates
- Tailored Terms
- Local Decisions
- Excellent Service
- Government-assisted help for businesses that might otherwise have difficulty getting approved
- Long-term, fixed-rate financing at a competitive rate
- Can be used to acquire fixed assets for expansion or modernization
- Up to 90% financing
- Longer loan amortizations (no balloon payments)
- Savings that result in improved cash flow for small businesses
- Additional considerations taken when deciding maturity**
- Prompt, local decisions made here in the Las Vegas area
- Attentive service from start to finish
Size of SBA 504 Loans
$1.5 million to $10 million (and above in some cases)
Terms of SBA 504 Loans
- Up to 25 years (Bank Loan)
- Up to 20 years (CDC/SBA Debenture)
Machinery and Equipment
- Up to 10 years (Bank Loan)
- Up to 10 years (CDC/SBA Debenture)
The SBA 504 Loan Program provides approved small businesses with long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization.
504 loans are made available through Certified Development Companies (CDCs), which are established by the SBA as non-profit corporations designed to support local economic growth. The loans are structured by distributing it among three parties. Typically, the SBA CDCs provide 40% of the total project costs, Bank of George provides up to 50% of the total project costs, and the borrower contributes 10% equity into the total project.
Important information about procedures for opening a new account:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We will also ask to see your driver’s license and other identifying documents.
**Loan maturities are based on the ability to repay, the purpose of the loan proceeds, and the useful life of the assets financed.