FOR IMMEDIATE RELEASE
SBA 504 industry funded $6 billion in loans to nearly 10,000 small businesses nationwide.
Dallas – February 2014 – The Small Business Administration (SBA) recently gave the Greater Texas Capital Corporation (GTCC) a Pinnacle Award for being the number one Certified Development Corporation (CDC) in 504 lending in the Dallas-Fort Worth district. In fiscal year 2013, GTCC secured $58.8 million for 65 Texas small businesses. Fifty-one of those loans, totaling $40.4 million, were in North Texas.
“GTCC is grateful and proud so many banking partners and North Texas businesses entrust us with their SBA 504 loan needs,” says Greg Dunn, GTCC Director of Sales and Marketing.
GTCC partners with small community banks, as well as regional and national banking organizations, to provide property and equipment financing solutions to a wide range of small businesses, including start-ups as well as existing and expanding businesses in manufacturing, retail and service industries.
Because we can offer a lower down payment and long-term fixed rate options that banks can’t, the SBA 504 loan program is one of the best options for small businesses looking to finance their commercial real estate and long-term fixed assets,” says Dunn.
Loan proceeds can be used to finance the acquisition of major fixed assets, including the purchase, construction or renovation of owner-occupied commercial real estate and/or acquisition and installation of heavy-duty machinery and equipment. The SBA 504 program is good for both borrower and lender.
Dunn says, “While our program allows the borrower to maximize their terms and preserve equity, it also benefits the participating bank partner by enabling them to offer 20-year fixed rate financing up to 40 percent of the financing request.”
The SBA 504 industry is constantly striving to develop new and better debt-refinancing products for small businesses. John Hart, GTCC President, says, “This year, we are cautiously optimistic that small business owners will be able to refinance the commercial real estate debt into the 504 loan product, allowing them to recapture equity they may have in their property and to take advantage of long term fixed interest rates.”
About Greater Texas Capital Corporation: One of the country’s fastest-growing Certified Development Corporations, Greater Texas Capital Corporation helps businesses secure favorable fixed asset financing. As a Certified Development Corporation, we are a nonprofit company specifically established to contribute to economic development. We work with the SBA and other lending partners to provide loans to small businesses requiring real estate and equipment financing with long-term, fixed rates to acquire major fixed assets for expansion or modernization throughout Texas. Additionally, we cooperate with other CDCs to create solutions anywhere in the USA.