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SBA's 504 loan program for industrial or commercial buildings

The 504 Loan Program allows small business owners to purchase an industrial or commercial building at below-market interest rates with a minimum of ten percent down payment or equity injection. The loan proceeds may be used to purchase or remodel an existing building, construct a new facility or to purchase equipment with a minimum economic useful life of 10 years.

The 504 loan is structured so a bank loans 50% of the total project; then a Certified Development Company (CDC) issues a second loan for 40% of the total project. The borrower contributes 10%. You can ask your bank to fund the 50% or the CDC can find a lender.

CDCs that loan in your area include:
South Central Tennessee Business Development Corporation
P.O. Box 1346
Columbia, TN 38401
(931) 381-2041