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Small Business Administration <br /> 504 Loan Program <br /> (SBA 504) <br /> "...to provide low-interest, long-term,fixed-rate financing for Minneapolis commercial and <br /> industrial businesses to purchase fixed assests (i.e., land, building, equipment, etc.)." <br /> Who's Eligible: Any for-profit retail, Current Budget: Not applicable <br /> commercial, or industrial business with <br /> assets under $6.0 million. <br /> Application Procedure: Application is Estimated Annual Production: <br /> made through the MCDA Business 15 projects <br /> Finance Department. <br /> Contact Person: Russell Knighton, 673-5181, MCDA Business Finance Department <br /> Program Summary: The SBA 504 program provides long-term,fixed-rate financing of <br /> up to 90% of the necessary capital to eligible Minneapolis retail, commercial, and <br /> industrial businesses. The funds are used for activities such as: purchase of land and <br /> buildings, rehabilitation and construction,leasehold improvements, and purchase of <br /> machinery and equipment. ivunimum project size is $125,000. Funding sources must <br /> include a bank or other financial institution (providing 50% of the project costs), SBA <br /> 504 (providing 40%), and owner's equity (10%). <br /> - 39 - <br />