Lending Power | Loan Programs & Leadership for small business


SBA 504 Current Rate:


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Eligibility & Requirements

Since 1973, CIC has dealt exclusively with SBA loans – so staff members are experts at managing the loan process and streamlining it through a unique level of accuracy and efficiency. The quickest and easiest way to determine if a business and a project meet program eligibility requirements is to contact CIC. The financial team will determine if the SBA 504 Loan or a different program is the best financing solution.  That said, following is a general outline of basic eligibility for the SBA 504 Loan Program.

Eligible Uses

  • Aquisition of vacant land together with construction of a building
  • Acquisition of exisiting buildings, including renovations and/or additions if needed or desired
  • Marine facility acquisition, including fishing vessels and commercial boats
  • Purchase and installation of capital equipment, including heavy machinery
  • Associated costs such as furniture, fixtures and soft costs (such as appraisal and environmental due diligence costs, surveys, engineering and architectural fees)
  • Ineligible - working capital; mortgage broker fees; inventory; rolling stock (registered vehicles); most refinancing of existing debt



  • Any legal entity (sole proprietorship, partnership, corporation, limited liability company)
  • Franchise businesses
  • Net worth under $15Million and net profit under $5Million
  • Located within the United States
  • Must be the owner/users of the Project to be financed with the SBA 504 Loan (Owner/users must occupy 51% of an existing building and 60% of a newly constructed building with the intention to occupy 80% of the building over time)
  • Must achieve an economic development goal through the financing of the Project
  • Ineligible - not-for-profits; businesses engaged in lending or loan packaging; insurance companies; businesses engaged in passive real estate investment; consumer and marketing cooperatives; businesses engaged in speculation; businesses engaged in political/lobbying activity; businesses engaged in providing purient sexual material

Additional Requirements

  • Ownership must be comprised of individuals possessing U.S. citizenship and/or permanent resident alien status
  • Ownership must be of good character
  • Business and its ownership must not have previously defaulted government loans

Identification Procedures – Important Information

To help the government fight the funding of terrorism and money laundering activities, Federal law requires that CIC obtain, verify and document information that identifies each person who applies for a SBA 504 Loan.

A borrower needs to provide CIC with:

  • Name
  • Address
  • Date of birth
  • Driver’s license
  • Other identifying documents

Credit History

The personal credit history of the borrower is an important factor. A credit history should be checked before applying for any loan. Any mistakes should be corrected that may adversely affect a borrowers ability to obtain a loan. The service is available annually to individuals free of charge. Check Credit History.

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CIC is an economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need more power to grow them.