The 504 loan program is structured in a participation type basis.
The 504 Loan program is an economic development program that supports American small business growth and helps communities, business expansion and job creation. It offers long-term, fixed-rate loans for financing fixed assets which are usually real estate and equipment. Most often used for growth or expansion. 504 loans are made through Certified Development Companies (CDCs), which are nonprofit intermediaries that work with the SBA, banks and businesses looking for financing.
Thomas L. Hofstetter
Schenck, Price, Smith & King LLP
- Principal at Schenck, Price, Smith & King LLP in Florham Park, New Jersey, chair of the firm’s Banking Practice Group and member of Workout Restructuring Practice Group and Corporate Law Group
- Practice focuses on representing commercial lenders in loan transactions and other commercial matters
- Experience crosses a broad spectrum of lending areas, including real estate and asset-based secured loans, construction loans, foreclosures and loan workout arrangements
- Member of the National Association of Government Guaranteed Lenders (NAGGL) 7(a) Trade Origination serving as chair of Region II Regional Liaison Committee, member of Technical Issues Committee and instructor for the organization
- Member 504 National Association of Development Companies (NADCO) 504 Trade Organization
- Regularly presents in person and online seminars, and conducts training sessions for clients regarding all aspects of closing commercial loans and SBA loans, including annual updates on the SBA SOPs
- Represents several national and community lenders with regard to 7(a) and 504 loans, designated counsel for several 504 Certified Development Companies (CDC)
- Former general counsel of a community bank and section chief for the Federal Deposit Insurance Corporation
- Can be contacted at 973-540-7308 or [email protected]
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