Arizona companies will receive over $13 million in SBA-504 small business loans, based on financing approved in the first quarter 2014 by Small Business Finance.

The SBA-504 loans, provided in partnership with local banks, will help 10 small businesses expand and create and/or preserve over 150 jobs. The largest single loan approved was $8.7 million.

Total SBA-504 financing approved in first quarter this year throughout Arizona was $45 million, up from $27 million for first quarter 2013.
“More small business owners are taking advantage of stable, low SBA rates to invest in their companies and grow,” said Chris Bane, Small Business Finance loan officer.

The banks that partnered with Small Business Finance on the SBA-504 loans included Alliance Bank of Arizona, Bank of the West, National Bank of Arizona and JP Morgan Chase.

The current SBA-504 loan rate is 5.18% fixed 20 years. This specialty loan helps small businesses finance long-term fixed assets such as commercial real estate and large equipment. They buy their own buildings, preserve cash and build owner equity.

Small Business Finance is the nation’s leader in SBA-504 loans, having helped more than 10,000 entrepreneurs move from leasing space to owning their own facilities.