504 Loan Program and Job Creation
The 504 Loan Program is focused on helping local businesses create and retain jobs. Over the past 30 years Preferred Lending Partners has partnered with financial institutions to provide 504 funds to Colorado businesses. These funds have helped businesses retain capital, giving them the opportunity to grow and expand. In turn they are often able to create new jobs. Two years after a loan funds, we reach out to our borrowers to see how things are going and see if they’ve created jobs.
The program is also structured to help businesses that might otherwise let jobs go, retain their employees. When asked how many jobs our borrower, Monarch Pet Products LLC created and/or retained, Alex Mckinnon stated “Without the facility that is being financed by the SBA loan, it is easy to believe that some of those 13 might have been dropped by the company, but impossible to prove.” As of May 2016, over a period of 2 years, Monarch Pet Products has created 16 jobs. Per the SBA guidelines they only needed to create 8 new jobs, they were able to do twice the SBA standard.
In the past 30 years Preferred Lending Partners has helped local businesses create over 5,459 jobs. Supporting local businesses and helping spur job creation is Preferred Lending Partners main goal. Let us help your business grow. Contact Us