Certified Development Companies (CDCs) are non-profit organizations that have been certified by the U.S. Small Business Administration (SBA) to provide financing to small businesses through the SBA 504 loan program.
The SBA 504 loan program was created for two reasons: (1) To provide financing to small businesses that are ready to expand and need funds to purchase real estate or capital assets, and (2) For the purpose of stimulating economic development through job creation, business growth and increased tax revenues.
A simple way to describe an SBA 504 loan is as a mortgage for small business owners to "purchase homes" for their businesses. SBA 504 loans allow business owners to buy, build or renovate commercial real estate. Financing options include the purchase and/or renovation of an existing building; the purchase of land and construction of a new building; and also the purchase of expensive equipment or machinery that requires long-term financing.
Similar to a residential mortgage, an SBA 504 loan is for a long term (either 10 or 20 years) and the interest rate is fixed for the term of the loan. Interest rates are competitive and usually lower than prime.
When you are ready to see if an SBA 504 loan is right for you, start by contacting these statewide Certified Development Companies serving Waukesha County and the southeastern Wisconsin region:
Business Lending Partners
Wisconsin Business Development