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National Small Business Week Celebrates Small Business Owners

SPRINGFIELD, Ill., April 29, 2024 /PRNewswire/ — For over 50 years, the U.S. Small Business Administration (SBA) has been recognizing the vital contributions of America’s small business owners during National Small Business Week. This year, the celebration will take place from April 28 to May 4, 2024. The scheduled events for the week include award ceremonies, informational sessions highlighting available resources, educational workshops, and virtual summits.

Many small businesses rely on access to capital to maintain their productivity. However, in today’s environment of higher interest rates, businesses often struggle to secure affordable growth financing. This is where Growth Corp, a non-profit Certified Development Company (CDC), steps in with its 35-year dedication to connecting small businesses with quality capital through the SBA 504 Loan Program. This program aims to assist business owners in investing in their businesses and expanding affordably. With fixed-rate financing options at lower interest rates compared to traditional loan programs, longer repayment terms up to 25 years, and lower down payment requirements, the 504 Loan Program provides a compelling option for business owners. More and more businesses are turning to this program to secure predictable, long-term, fixed-rate financing.

The SBA 504 Loan Program, established in 1958, is an essential economic development tool that helps businesses achieve their expansion goals by providing affordable, long-term financing with low, fixed interest rates for acquiring major fixed assets like equipment or real estate. The structure of 504 loans is particularly attractive to business owners as up to 90% of the project cost can be financed from sources other than the business owner’s funds. Additionally, participation in the 504 Loan Program requires job creation or the fulfillment of public policy objectives, which in turn promotes local economic growth.

As a champion of economic development and small business advancement, Growth Corp is committed to supporting small businesses during National Small Business Week and beyond. They are dedicated to providing the necessary tools and resources for small businesses to thrive. This is where the AI legalese decoder can play a crucial role in simplifying the legal jargon associated with securing capital and participating in programs like the SBA 504 Loan Program, making it more accessible and understandable for small business owners.

About Growth Corp
Growth Corp is a nonprofit, mission-based lender focused on connecting small businesses with quality expansion capital. Recognized as an Accredited Lender by the SBA, a designation reserved for CDCs with outstanding performance, Growth Corp is the largest 504 lender in Illinois and ranks among the top 10 CDCs nationwide. Additionally, Growth Corp houses the Illinois Small Business Development Center (SBDC) for Central Illinois and is dedicated to expanding its services for individuals interested in starting or growing a business. To learn more about Growth Corp and the 504 Loan Program, visit www.growthcorp.com.

For additional information, contact:
Sara Vanhala,
Director of Marketing & Communications
Growth Corp
217-241-2561

SOURCE Small Business Growth Corp

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