The SBA 504 Job Creation Requirements Are Not Set in Stone.
Would obtaining an SBA 504 loan allow your company to accomplish any of the following? If so, you should explore whether the loan’s job creation requirements would apply to your organization.
- Improving, diversifying or stabilizing the economy of the locality.
- Stimulating other business development.
- Bringing new income into the community.
- Assisting manufacturing firms (North American Industry Classification System (NAICS), Sectors 31 – 33.
- Assisting businesses in Labor Surplus Areas as defined by the Department of Labor.
- Revitalizing a business district of a community with a written revitalization or redevelopment plan.
- Expansion of exports.
- Expansion of small businesses owned and controlled by women.
- Expansion of small businesses owned and controlled by veterans (especially service-disabled veterans).
- Expansion of minority enterprise development.
- Aiding rural development.
- Increasing productivity and competitiveness (retooling, robotics, modernization, competition with imports)
- Modernizing or upgrading facilities to meet health, safety, and environmental requirements.
- Assisting businesses in or moving to areas affected by Federal budget reductions, including base closings, either because of the loss of Federal contracts or the reduction in revenues in the area due to a decreased Federal presence.
- Reduction of rates of unemployment in labor surplus areas, as such areas are determined by the Secretary of Labor.
Job retention can also be considered if the business is considering relocating to another city.
Have questions about job creation or loan qualifications, give Gary a call at 937-531-7038.