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SPRINGFIELD, Ill.April 29, 2024 /7Newswire — For more than 50 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week, which recognizes the critical contributions of America’s small business owners. This year, National Small Business Week takes place April 28 – May 4, 2024. Scheduled events for the week include award ceremonies, spotlights on available resources, educational sessions, and virtual summits.

One of the most critical components for small businesses to remain productive is access to capital. As many businesses struggle to find affordable growth financing in this higher-rate environment, Growth Corp, a non-profit, mission-driven Certified Development Company (CDC), is proud to continue its 35-year commitment to connecting small businesses with access to quality capital via the SBA 504 Loan Program, a lending program designed to help business owners invest in their business and expand in an affordable way. This unique program allows business owners to secure fixed-rate financing that is often at a lower interest rate than most traditional loan programs. Combined with longer repayment terms of up to 25 years and lower down payments, it’s hard to find a better option anywhere. More and more business owners are utilizing the 504 as an opportunity to lock in predictable, long-term, fixed-rate financing.

Created in 1958, the SBA 504 Loan Program is a premier economic development tool. 504 loans put expansion dreams within reach for growing businesses by offering affordable, long-term financing with low, fixed interest rates for purchasing major fixed assets, such as equipment or real estate. Business owners find the structure of 504 loans attractive as well. Because there are three parties involved (a local bank or credit union; a Certified Development Company (CDC), such as Growth Corp; and the small business owner), as much as 90% of the expansion project is financed from sources outside of the business owner’s pocket. In addition, participation in the 504 Loan Program requires either job creation or the fulfillment of public policy goals, which simultaneously encourages local economic growth.

Growth Corp is a strong advocate for economic development and the advancement of small business. As part of National Small Business Week, Growth Corp is honoring the irreplaceable role they play in our economies and pledges to continue equipping them with the tools and resources they need to succeed.

About Growth Corp
Growth Corp is a nonprofit, mission-based lender dedicated exclusively to connecting small businesses with quality expansion capital. Recognized as an Accredited Lender with SBA, a distinction only given to CDCs with exceptional performance, Growth Corp is the largest 504 lender in Illinois and a top 10 CDC nationwide. In addition, Growth Corp is proud to host the Illinois Small Business Development Center (SBDC) for Central Illinois and is committed to helping expand its services for individuals interested in starting or growing a business. To find out more about Growth Corp and the 504 Loan Program, visit www.growthcorp.com.

For more information, contact:
Sara Vanhala,
Director of Marketing & Communications
Growth Corp

SOURCE Small Business Growth Corp