SBA Loans

The U.S. Small Business Administration (SBA) was established to help businesses secure financing. SBA programs reduce risk for lenders and enables easier access to capital. There are two primary SBA financing programs offered; the SBA 504 program which offers attractive real estate and equipment financing; and the SBA loan guarantee program which offers a more flexible use of funds. These are great complementary programs that are often used together to fully meet business financing needs. 

Typical financing structure of the SBA 504 program

Business Lending Partners (BLP) provides up-front eligibility screening services to determine if a small business meets the general criteria to qualify for an SBA loan. Contact BLP today to discuss your project.

    Why SBA 504 Loans?

    Lenders' Benefits

    Borrowers' Benefits

    1. No Application Fee
    2. Pre-Qualification
    3. BLP Application
    4. BLP Approval
    5. SBA Approval
    6. SBA Authorization
    3-4 Weeks From Full Application

    1. No Application Fee

    Business Lending Partners (BLP) provides up-front eligibility screening services to determine if a small business meets the general criteria to qualify for an SBA loan.

    2. Pre-Qualification

    Business Lending Partners (BLP) provides up-front eligibility screening services to determine if a small business meets the general criteria to qualify for an SBA loan. Contact BLP today to discuss your project.

    3. BLP Application

    A BLP representative will work with the small business and the participating lender to collect all required documentation.

    4. BLP Approval

    BLP will structure the loan within SBA’s guidelines and perform analysis on the creditworthiness of the company.

    Loan Approval recommendations will be made by BLP’s Loan Advisory Committee and Board which meet weekly.

    5. SBA Approval

    The loan application will then be submitted electronically by BLP to SBA once all remaining documentation is collected, signed, and dated by the loan applicant. This process typically occurs the same day Executive Committee approval is received.

    6. SBA Authorization

    SBA will issue its Loan Authorization upon approval which outlines the terms and conditions of the SBA financing.

    3-4 Weeks From Full Application

    One of BLP’s loan officers will work with the small business and the participating lender to collect all required documentation that should include: a business plan, resume, financial statements, debt schedules, financial projections, tax returns, and other funding commitments.

    Recent Business Lending Partners News

    Racine County, in partnership with the Racine County Economic Development Corporation (RCEDC), has received a $500,000 grant from the Wisconsin Department of Administration (DOA) to help local small businesses impacted by the COVID-19 pandemic.

    RCEDC’s most recent Zero Loan Program recipients, Terri and Michael Bannon, owners of Razor Sharp Fitness, used the funds to purchase new fitness equipment, which they anticipate will increase memberships and alleviate the effects from the pandemic.

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    This event will highlight available financial programs for City of Racine business owners.

    January 2021 SBA 504 Rates

    business growth solutions A SERIES DEVELOPED TO HELP SMALL BUSINESSES GROW The Business Growth Solutions Series is a 3-part video educational experience designed for small business owners, commercial lenders, real estate professionals and anyone in a position to help Wisconsin businesses…

    Start In Wisconsin is the premier network for local businesses. For owners and startups, Start In Wisconsin will power connections to start, scale and accelerate area entrepreneurs. For the established resource network, Start In Wisconsin will be a platform to provide best fit referrals, build your network, and to showcase the story of entrepreneurship in our region.

    November 2020 SBA 504 Rates

    Darius Szczekocki, president of Hestia Heat Treat in Racine, will use a $100,000 pandemic recovery loan to purchase new equipment to seek more work with automotive industry clients.

    Case High School graduate and Milwaukee Brewers former draft pick, Lee Jaramillo now owns Northterra Real Estate Group. Jaramillo recently used RCEDC's High Impact Revolving Loan Fund for interim financing to construct the new O&H Danish Bakery on the corner of Douglas Avenue and 4 Mile Rd.

    The City of Racine houses many businesses in a variety of industries, serving its residents and the surrounding communities. However, the challenges posed by the COVID-19 pandemic were severe and required creative, flexible solutions to ensure the retention of these valuable assets in the City.

    When Low Daily Brewery owners, Tim and Claire Sullivan moved from the Pacific Northwest to Burlington, RCEDC provided development assistance in a variety of capacities, including local and state incentive as well as an SBA 504 loan for building renovations and equipment purchasing.

    INVEST IN RCEDC

    RCEDC’s mission is to grow Racine County’s property tax base and by supporting business expansions, provide employment opportunities to Racine County residents. Over the last three years the RCEDC staff assisted 72 projects that, when completed, will result in 1,000’s of new full time jobs, and will substantially boost local property tax revenues. Your investment allows RCEDC staff to continue these positive efforts.

      INVESTMENT LEVELS

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