LCD Group on track to process almost $4.9 million in SBA 504 loans for FY 2022

Since last October, Lewis & Clark Development Group has processed more than $4.7 million in SBA 504 loans. That number far exceeds last fiscal year’s $4.2 million in total SBA 504 loans processed by LCD Group.

Derrick Becker, LCD Group loan officer, expects the total will come close to $4.9 million when the federal fiscal year concludes on September 30. 

“It’s been a busy year to say the least,” observes Becker who says despite increasing interest rates, demand for the SBA 504 Loan is as strong as ever.

“SBA 504 rates are noticeably up since last year but they’ve leveled off in recent months and have actually come down. The rates themselves are a factor but not a significant one,” says Becker. “What matters most for small businesses is what the SBA 504 Loan does for them. There’s a reason it is the gold standard in small business loans.”

Regardless of inflation or economic fluctuations, the SBA 504 Loan has, through the years, been the most popular and durable of business loan programs.

The program provides small businesses with fixed-rate financing for the purchase of long-term assets such as: 

– Acquisition of buildings or land
– Purchases of machinery and other equipment
– Costs of new construction or renovation
– Professional fees (such as engineering and architectural fees)
– Leasehold improvements, and more

The program works in conjunction with the Small Business Administration, a private lender, and a Certified Development Corporation (CDC). The borrower’s private lender provides a mortgage of up to 50 percent for a project cost.

Becker reports the following eight businesses have received their SBA 504 Loan financing:

South 40 Farm LLC – Mott, ND   
Marks Heating & Cooling, Inc. – Mandan, ND
Legacy Law Firm, PLLP – Mandan, ND
Bismarck Dentistry PC – Dickinson, ND
ABC Fencing & Oil Field Services LLC – Belfield, ND
E Services, LLC – Dickinson, ND
Point Blank Metal Works, LLC – Williston, ND
Pizza Hut – Williston, ND 

“We have three more clients who will receive their financing in mid-September. With that, fiscal year 2022 will close and we are already managing inquiries for next fiscal year. Demand is steady and growing. Small businesses are investing and there’s no slowdown on the horizon when it comes to the SBA 504 Loan,” adds Becker who encourages business owners to contact LCD Group for more information on the program.

Visit LCD Group’s website or contact Becker at (701) 667-7622 or at derrick@lcdgroup.org about the SBA 504 Loan today.

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