Lenders, Let's Kick off 2014

We can’t start a new year without first thanking you, our Lending Partners.  We could not have had the year we had without your unwavering support and commitment to the 504 Loan Program.  For all your hard work and loyalty, we thank you!

Before we kick off 2014, let’s take a look at where we stand.  The past year was challenging because lending slowed fresh off the heels of the Temporary 504 Debt Refinance program.  However, because of those circumstances, we took a good look at ways we could improve, put a focus back on the basics and are standing strong ready to serve you in 2014.  Growth Corp is more motivated than ever to build local communities one business and one job at a time through administration of the 504 Loan Program.  We continue to be the largest 504 Lender in Illinois and one of the top ten CDC’s in the nation.  Our portfolio also continues to grow…a feat we are quite proud of.
 

So, let’s kick off this New Year…
 

First, a quick reminder of the benefits the 504 provides to lenders.  You already know the 504 reduces your risk with a lower loan-to-value ratio and first lien position on the project property.  But, don’t forget…the 504 allows lenders to set the terms for the bank portion of the loan and fulfills CRA goals.  In addition, Growth Corp takes care of all the paperwork and has accreditation with SBA to get loans processed quicker. 
 

Second, why not expand your lending services to your current borrowers or market new services to potential borrowers?  Offer the option to refinance qualifying debt with a new expansion project.  Or, let borrowers know they can qualify for higher 504 loan amounts if their construction or remodel includes going “green”.  And, what about reminding borrowers they can use the 504 multiple times.  So, if someone recently purchased real estate with the 504, why not reach out and see if they have a new equipment purchase in mind or a remodeling goal?
 

Finally, we are always striving to improve our service to you.  Therefore, we welcome your feedback.  Maybe you would like more on-site training.  Perhaps you have ideas for our website or need a specific leave-behind for your clients.  Let us know.  We want to hear any ideas you have that would improve your 504 experience with us.  You can respond to your loan officer directly or contact us any time at 877-BEST 504.

 

 

Together, let’s make the most of the 504 Loan Program and use it to foster growth in 2014.  Lenders, we look forward to partnering with you this year!