The monthly SBA 504 loan rates for July 2024 have been released, and they have decreased by over 20 basis points from last month. This is a significant drop, providing an excellent opportunity for businesses looking to secure affordable, long-term financing. Here are the new rates:
July 2024 SBA 504 Loan Rates:
25 Year: 6.20%
20 Year: 6.27%
10 Year: 6.48%

What Does This Mean for Your Business?
The decrease in SBA 504 loan rates can have a positive impact on your business's financial planning and growth strategies. Lower interest rates mean reduced borrowing costs, which can translate to substantial savings over the life of the loan. This can free up capital for other critical business needs, such as hiring new employees, investing in marketing, or upgrading equipment.
Benefits of the SBA 504 Loan Program
The SBA 504 loan program is specifically designed to help small businesses grow by providing long-term, fixed-rate financing for major fixed assets. Here are some of the key benefits of the program:
- Low Down Payments: With down payments as low as 10%, businesses can preserve their working capital.
- Fixed Interest Rates: Enjoy the stability of fixed interest rates for the life of the loan.
- Long Repayment Terms: Choose from 10, 20, or 25-year terms to best suit your financial situation.
- Use of Funds: Loans can be used for purchasing real estate, constructing new facilities, or buying long-term machinery and equipment.
Why Now is the Right Time
With the rates dropping significantly, now is an ideal time to consider applying for an SBA 504 loan. Whether you're planning to expand your operations, purchase new property, or invest in essential equipment, the current rates offer a financially sound opportunity to move forward with your plans.
Steps to Take Advantage of the New Rates
1. Consult with Your Lender: Discuss how the new rates can benefit your business and the specific requirements for securing an SBA 504 loan.
2. Prepare Your Documentation: Ensure you have all necessary financial documents, business plans, and project details ready.
3. Submit Your Application: Work with your lender to complete and submit your loan application promptly to lock in favorable rates.
If you have any questions about the process feel free to contact hello@SBAWallet.com to be connected with an outside SBA Expert!
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