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Hundreds of Small Businesses Helped with SBA 504 Program

Posted by Eau Claire Area EDC on March 5th, 2019

Designed to help small businesses grow and create jobs, the SBA 504 loan program has been leveraged by hundreds of local small businesses looking to expand since the program’s inception in 1981. The SBA 504 program enables businesses to grow by providing low, fixed-rate, long-term financing and serves as a great alternative to conventional financing.

Local businesses utilizing the SBA 504 Program enjoy two big advantages – a lower down payment and a long-term, fixed rate. This translates into being able to preserve more of their business’s cash for operating needs, and reducing their interest rate risk.

Recent businesses in the Chippewa Valley that have utilized this program include: Stokes-Herzog, Cabin Coffee, Selective Countertops, Eau Claire Music School, and JY Collision Center. Projects funded by WBD via the 504 program have created or retained over 66,000 jobs.
While the SBA 504 is a government program, WBD handles all the interactions with the SBA on behalf of local businesses. WBD is a non-profit Certified Development Company (CDC) that supports the U.S. Small Business Administration’s public policy to promote small businesses and create jobs in our communities.

“For almost 20 years I’ve been helping local businesses access the SBA 504 loan program in partnership with local banks and credit unions – chances are I have already worked with your lender.” Mike Dieckman, Vice President of WBD states. “Don’t be scared off by what you might think about a “government” program because I handle all of the interactions with the SBA.”

Businesses applying for this program see approvals within 4-6 weeks from receipt of a complete application, and most information required for the program is identical to what banks require.

Individuals and businesses who want to learn more about this program have the opportunity to attend the EDC’s Economic Update held at Wild Ridge Event Center on Tuesday, April 23rd at 7:30am. At this Economic Update, business and industry leaders will get to learn more about the SBA 504 program directly from Mike Dieckman, and have the opportunity to ask questions.

This Economic Update is hosted by the Eau Claire Area EDC and sponsored by WBD and Northwestern Bank. Cost to attend the Economic Update is $15 per person, and includes a breakfast buffet.

Registration is required.

For more information, or reserve your spot, click here or call 715-834-0070