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The fiscal year 2022 has been another momentous year for RMI Business Finance (RMI), an SBA Certified Development Company (CDC), that delivers the SBA 504 Loan Program. The SBA 504 Loan Program has proved to be one of the most attractive financing programs available for small business borrowers and commercial lenders. RMI experienced an increase in approvals of 21% from the previous year which accounted for over $100MM in 504 loan approvals and created 617 jobs in RMI’s service area. This increase is partially due to the fixed interest rates available for 504 borrowers for a long term of 25 years.
The National Association of Development Companies (NADCO), the trade association for CDCs, released the national fiscal year 504 loan approvals which parallel RMI’s increase of 21%. The 504 program is the SBA economic development loan program that assists small businesses to expand and continue success through that expansion and job creation.
RMI is an SBA Certified Development Company that delivers the SBA 504 Loan Program in three states and ten counties of Illinois. The 504 Loan Program provides fixed-asset, long-term financing at a fixed interest rate. RMI has been delivering the SBA 504 Loan Program for nearly 40 years and has leveraged over $1.7 billion in financing and created over 20,000 jobs. RMI also provides financing through two other loan programs: RMI Direct, a revolving loan fund that provides working capital or fixed asset financing for businesses, and the USDA Intermediary Relending Program for businesses located in rural areas with a population below 50,000.
For more information about RMI, visit our website at www.rmiinc.org or contact the RMI main office at 573.635.136.