What Can Be Financed?
Businesses can use proceeds of the 504 Loan Program for directs costs associated with acquiring or constructing a commercial building, or for heavy equipment and machinery, to include:
- Acquisition of land as part of constructing a new building
- Construction of one or more new buildings
- Costs associated with site improvements
- Purchase of one or more existing buildings
- Acquire and install machinery and equipment
- Cost of moving and installing existing equipment to new location
- Professional fees and other eligible closing costs essential to the project, including appraisal and environmental report cost, title insurance fees, architectural and engineering fees, survey costs and recording fees
- Interim financing costs, including interest paid to a lender during the interim or construction phase of the project.