504 FAQ: Interim Financing

FAQ 300

504 Frequently Asked Question: Interim Financing

Q. Can fixed assets already purchased on a short-term note be included in an SBA 504 project?

A. Any loan short term in nature (maturity of less than three years) is considered an interim note and can be included as part of the SBA 504 project costs. This includes interim financing from private lenders or contracts for deed.

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In the spirit of the season upon us, FDDC says THANK YOU to all business lenders, economic development facilitators, and most of all to the small business entrepreneurs – who are the ones pounding the pavement every single day to provide South Dakota with job opportunities, tax dollars, and overall economic development growth. FDDC is so very much appreciative to be in discussions with you on a daily basis on potential deals, celebrating with you on loan approvals, and at the table with all of you closing deals. We wish you and yours the most blessed Thanksgiving – to good health, continued happiness and success!