LISC Supports Small Businesses (Part 2): Financing through SBA 504 & Community Advantage

Toledo Local Initiatives Support Corporation’s (LISC) economic development initiatives strengthen neighborhoods through investments in the physical and social assets of a community’s business district. We support programs that attract new businesses, encourage entrepreneurship, diversify the local retail mix, and create employment opportunities. We help small, for-profit businesses open or expand in disinvested communities across the country and is committed to helping entrepreneurs who do not have access to traditional financing.

What we offer:

LISC offers financing to small businesses through the SBA 504 and Community Advantage Programs with a special emphasis on low- to moderate-income communities, startups, and veteran-, woman-, and minority-owned businesses.

  • SBA 504 First Mortgage Loans: Eligible borrows must be for-profit (as defined by the Small Business Administration program), located in one of LISC’s program areas that are acquiring or renovating a building. Businesses must occupy at least 51% of the property, be located in a NMTC-eligible census tract, and have a minimum of two successful years in the industry. Project amounts eligible for financing are from $400,000 to $5 million.
  • SBA Community Advantage Program: Eligible borrowers must be for-profit (as defined by the Small Business Administration program). Funds may be used for working capital, equipment, inventory, business acquisition, tenant improvements, real estate, debt refinancing, and startup expenses. Startups will be considered as long as the borrower has at least two years of direct industry experience. Loan amounts are available from $50,000 to $250,000.

LISC’s Small Business SBA programs provide opportunities to small businesses that might struggle to find resources to open and grow. Check out success stories of the SBA 504 and Community Advantage programs here.

LISC Small Business is part of a Chicago-based wholly-owned subsidiary of LISC, New Market Support Company. For information about LISC Small Business Financing, visit http://liscsmallbusiness.org/ or contact sallan@lisc.org for more information.

 

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