Have You Heard About SBA’s 504 Rural Initiative Pilot Program?
As of July 18, 2018, SBA launched the 504 Loan Program Rural Initiative. This allows CDC’s to make loans outside of their SBA approved area of operations. The pilot program will be available until July 20, 2020. Any 504 project with an address located in any county classified as “rural” by the U.S. Census Bureau qualifies as long as the 504 project is located within the SBA Region that the CDC is incorporated. MBFC is part of Region 5 which includes: Minnesota, Wisconsin, Illinois, Indiana, Michigan, and Ohio.
As an example, here is a glimpse of the counties in Wisconsin that now qualify to have MBFC help you with a SBA 504 loan through this Rural Initiative! The 10 Wisconsin counties in GOLD are MBFC’s Local Economic Areas in which we already do business. The light BLUE colored counties are new areas in which MBFC can now very easily operate!
For More information about the 504 Loan Program Rural Initiative give your MBFC Loan Officer a call.