In 2006, the SBA approved 69 H-GALDC 504 loans, creating more than 800 jobs in the H-GAC region.
What is H-GALDC?
H-GALDC is a non-profit corporation promoting economic development and job creation in the H-GAC region. H-GALDC provides long-term financing to small businesses for real estate acquisition, construction and equipment purchases.
SBA 504 Loan Program
H-GALDC works specifically with SBA 504 loans to enable small businesses to create and retain jobs by providing accessible financing for their business needs. Find out more by navigating on the right hand side of this page.
What can SBA 504 loan money be used for?
Purchasing:Existing buildings
Machinery and equipment
Land and improvements
Construction:Modernizing or renovating existing facilities
Construction contingency fund
Other:
Professional fees directly attributable to the project
Interest on interim financing How much money are you eligible for?
Typical projects range from $500,000 to $2 million. The minimum amount of participation in any project is $50,000. Gulf Coast's maximum participation is usually $750,000, but the ceiling may be set at $1 million in some cases.
Who is eligible for the SBA 504 Loan?
Loans are for established for-profit businesses that are ready to expand by purchasing fixed assets ranging from $125,000 to several million dollars. The business must have a net worth less than $6 million and annual after tax profits of less than $2 million. In addition, you must create one new job for every $35,000 work of financing from the SBA.
What should you do next?
Contact one of the H-GALDC staff members to assist you in finding out how the SBA 504 loan program can help your growing business.