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SBA 504 Refinance Program Returns, Permanently!

The U.S. Small Business Administration has brought back the 504 Refinance Program and now is the time for lenders to reach out to business owners who could benefit from refinancing land, buildings and equipment.

“The SBA will begin processing applications on June 24 and any conventional loan for owner-occupied property should be reviewed to see if a 504 loan would make sense for that borrower,” says Edwin O. Lesley, Executive Vice President of Certified Development Corporation, South Carolina’s first statewide CDC.

The new 504 refinance program is only for conventionally financed commercial mortgage loans, and allows more businesses to take advantage of up to 40 percent of the transaction being financed on a true 20 year fixed rate amortization with no call options.

“The 504 refinancing program was very successful when it was in place a few years ago and now it has been resurrected and made permanent by Congress,” Lesley said. “It’s a great opportunity for banks and, more importantly, for the businesses in the communities they serve.”

Eligible loans must be at least 2 years old, cannot have any late payments in the past year, and must be for properties at least 51% owner occupied. Full eligibility requirements for the SBA’s 504 program are available from CDC who participates in the 504 program with many of the state’s banks.

Please call Connally Bradley at 803-744-0308 or Peter Shand at 803-744-0305 at CDC for more information.


For more than 22 years, Certified Development Corporation (CDC) has been financing small businesses in South Carolina, ultimately creating new jobs for the citizens of the Palmetto State. Since 1958, BDC and its associate company, CDC, have approved over 3,000 loans for projects totaling in excess of $1.5 billion, making them leaders in economic development lending and job creation. CDC was awarded the top producer award in 2015 for South Carolina, based on both number of loans and dollar volume of loans originated.

BDC Resources

J. Connally Bradley

J. Connally Bradley

Senior Vice President & Loan Officer

    803.744.0308
    803.744.0608
    CBradley@BDCofSC.org

Peter Shand

Peter Shand

Senior Vice President & Loan Officer

    803.744.0305
    803.744.0605
    PShand@BDCofSC.org