Maximum Loan Amount: Up to $5,000,000
Manufacturing NAICS codes 31, 32 or 33 a max of $5,500,000
Use of Loan Proceeds: Fixed Assets: land, building, equipment, leasehold improvements. Titled vehicles & trailers are not eligible.
Term of Loan: SBA portion: 10, 20 or 25 years based upon economic life of project assets. Private Lender: at least 10 years on real estate and at least 7 years on equipment and leasehold improvements.
Rate of Interest: Approximately 1-1½% above 5 and 10 year Treasury Note, respectively,
on the SBA portion. Rate will be set when SBA 504 loan funds. Bank Lender—first mortgage loan to be made at market rate determined by private lender without SBA restriction.
Down Payment: At minimum 10%; New starts 15%; Special purpose buildings add an additional 5%
Typical Structure:
First Mortgage Loan* 50% 50% 50%
SBA 504 Loan 40% 35% 30%
Equity Injection 10% 15% 20%
Total SBA 504 Project Cost  100% 100% 100%
*In any 504 project, 50% of project cost must be bank financed.
Process Time: SEDC reviews/approves all SBA 504 applications before they can be submitted and processed by SBA. SBA review period—5 to 10 business days from the receipt of a complete application. SEDC application deadline is the first Wednesday of each month.
Collateral: Generally, a lien on all fixed assets purchased with loan proceeds.
First lien—private lender. Second lien—SBA.
Personal Guarantees: Personal Guaranty required for all loans, owners and/or applicant entities.
Eligible Businesses: For profit operating businesses that are small according to SBA size standard
Ineligible Businesses: Passive income companies, Product/service of sexual nature, Developers/Landlords, Financial institutions, Businesses with religious affiliation, Not-for-profit entities, Product/service not available to public, Business or business owners who have defaulted on any Federal loan
Area of Operation:

Entire State of Iowa; Dakota & Dixon Counties in Nebraska; Clay & Union Counties in South Dakota.

Job Creation Criteria: $75,000 of SBA 504 funds per one job either created or retained (unless project meets a public policy goal).
Refinance Bank loans used to finance eligible fixed assets and SBA 504 loans, as well as SBA 7(A) guaranteed loans and other federal government commercial loans, can be refinanced using the SBA 504 loan program, if economical to do so. 
Fees: SBA—one-time fees of approximately 2.5% of the SBA 504 loan; these fees are capitalized as part of the loan. Effective interest rate includes on-going servicing fees. Closing costs are responsibility of Borrower.