Contact Info
Financial Services
Monday - Friday
8:30am - 5:00pm
SBA 504 Loans BFC
SBA 504 Loan Program
Statewide Financing Available for Buildings & Equipment
Need an Experienced SBA 504 Loan Partner?
We care about your success & work hard to help you win.
 | Why choose the BFC?
| SBA 504 provides: |
Let’s team up and make great things happen! | ||
We have funded 500+ SBA loans
Over 42 Years of Experience
Serving all of Michigan
Real estate & equipment financing
Fixed rates on 10, 20 or 25 year terms
As little as 10% down payment
Commercial mortgage refinancingThe Oakland County Business Finance Corporation (BFC) is certified under the Small Business Administration’s (SBA) Certified Development Company program since 1982. The BFC acts as an agent to analyze, package, and submit loan requests under the SBA 504 program. As well as the servicing agent for the approved loans.
The SBA 504 loan program provides qualified small and medium size businesses with long-term, fixed-rate financing for the acquisition or construction of fixed assets.
The BFC is a proven and reliable partner with the SBA, lenders and businesses. The BFC's non-profit mission is to help businesses expand and stimulate economic growth in the community.
July Rates
25-Year Debenture: 6.17%
20-Year Debenture: 6.20%
BFC Highlighted Business
Neil King Physical Therapy - Purchased the Building with SBA 504
Clients Served
595
Approved Loans
22,810
Jobs Created
$64,174,732
In Investments
Oakland County BFC serves all of Michigan. We have funded 500+ loans in 13 counties.
More Information
- SBA 504 Training Opportunity
- SBA 504 Loan Program Fact Page
The ROCC Pod - Listen to the Podcast: How to Find Money for Your Business
BFC Sponsorship Highlight
Planners Gathering: Oakland County Business Loan Programs
Healthy, expanding, for-profit businesses. Net worth of less than $20 million. Average annual net profit after tax less than $6.5 million.
- Land Acquisition
- Land Improvements
- Building Acquisition
- Building Construction
- Building Renovation
- Machinery and Equipment
- Refinancing
- Related Soft Costs
- Current on the loan for at least 12 months
- Debt for fixed asset such as building and equipment
- Existing note/mortgage is at least six months old, in most cases
- Up to 100 percent financing available
- Due diligence fees can be financed
- Owner occupied
- Ability to refinance existing SBA loan
Contact Us to Discuss Your Prospect: (248) 858-0765
Approximately $250,000 to $13 million+. SBA maximums per project:
- $5 million for regular loans
- $5.5 million for manufacturing and energy loans
The SBA portion is 10, 20, or 25 years, and the bank portion in 7 or 10 years.
10% of project costs (15-20% for special purpose buildings or start-ups).
The assets being acquired, plus a personal guarantee by business owners.
- A one-time, up-front fee paid by the bank equal to 1/2 of 1% of the bank’s portion
- A one-time processing fee of 2.15% of the SBA’s portion of the loan
- An ongoing service fee of 1.5% of the SBA’s portion of the loan
- Closing fees of about $3,000
- Most of the fees can be financed
State of Michigan
Typically 40% SBA, 50% bank/credit union
Competitive fixed rate
30 to 60 days from application
Officers
- David Ellis – Chairperson
- Angela Williams – President
- David Shindel – Vice President
- Catherine J. Rasegan - Secretary
- Robert Wittenberg - Treasurer
- Thomas A. Kabel - Legal Counsel
Board of Trustees
- Steve Ball – JP Morgan Chase Bank
- Katherine Brown – Community Member
- Wayne Chan – Future Solutions
- David P. Ellis – Superior National Bank
- Barry Levine – Community Member
- Michael Lieberman – Vibe Credit Union
- Kristopher Pawlowski – Signature Associates
- David Shindel – ShindelRock
- Nichole Smith – First Merchants Bank
- Angela Williams – Certified Public Accountant
- David Wynn – Bank of America
- Elizabeth Masserang – SME
