Approximately 45 days after finalizing SBA closing documents, the 504 loan funds are wired directly to the participating bank or credit union. Once the funds are in place, the small business has a first mortgage loan with their lender for approximately 50% of the project costs, and a second mortgage with the CDC/SBA for approximately 40% of the project costs.
Utah CDC is always available to answer questions and help you understand the process, even after the deal is done! Call us anytime!
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