LOS ANGELES--(BUSINESS WIRE)--Los Angeles leads the top 10 list of California cities where small business owners are leveraging SBA lending to purchase their own facilities en route to expansion, growth and job creation, according to CDC Small Business Finance.
Small businesses in the city of Los Angeles secured $114 million in SBA-504 loans through May, eight months into the SBA’s 2014 fiscal year. San Diego ranks #2 on the list with $40.6 million provided to small business entrepreneurs this year.
SBA-504 loans, provided in partnership between certified development companies (CDCs) and banks, help small businesses finance the construction or purchase of commercial/industrial buildings as well as large equipment.
Here is the entire top 10 list of California cities where SBA-504 lending is gaining traction:
#1 – Los Angeles, 114 million
#2 – San Diego, $40 million
#3 – Vernon, $39 million
#4 – San Francisco, $38 million
#5 – Sacramento, $27 million
#6 – Hayward, $21 million
#7 – San Jose, $20 million
#8 – Bakersfield, $17.6 million
#9 – Gardena, $17.5 million
10 – Oakland, $16 million
Recent changes to the SBA-504 program are fueling new interest from small businesses. In addition, entrepreneurs are still taking advantage of the “Green 504” loan program, which allows higher lending amounts for small business owners who want to buy or upgrade commercial/industrial buildings and make them more energy efficient. Buildings over $20 million can be financed using this unique program offered jointly by a bank and CDC Small Business Finance. Small business owners need only demonstrate a projected 10% reduction in energy costs by deploying one or more energy-saving improvements (e.g. insulation, lighting, heating/air conditioning).
Small business owners can find out if they qualify for a loan by calling 800.611.5170 or connecting with a local CDC loan expert by clicking here – CDC Loan Experts. They can also use CDC’s Prequalify Today tool, visit www.cdcloans.com or find CDC on Twitter @CDC_Loans and LinkedIn.
Note: Media interested in interviewing small business owners who have received SBA-504 loans to purchase a building can contact Larry Nuffer, firstname.lastname@example.org, 619.243.8620.