SIOUX FALLS, S.D. – The U.S. Small Business Administration announced the updated interest rates for the 504 Loan Program offered by Certified Development Companies (CDC).

The program now allows for 10, 20, and 25-year interest rates at 2.231%, 2.364%, and 2.399%, respectively. Small businesses can now apply for a 504 loan at these low-interest rates.

“These are encouraging terms and supportive of our nation’s goal to bounce-back from COVID-19,” William Manger, SBA chief of ataff and associate administrator for the Office of Capital Access, said in a statement. “The longer terms and now lowest interest rates support and encourage entrepreneurs to step outside of the box and look at real investments.”

“Despite COVID-19, economic growth is happening in South Dakota,” added Jamie Wood, SBA South Dakota district director. “The continuation of the low interest 504 lending and extended terms makes timing ideal for many owners to start or grow a small businesses now.”

Interested individuals can learn more at https://www.sba.gov/brand/assets/sba/sba-lenders/504-Loan-Fact-Sheet-Borrower-Version.pdf. For additional information or for questions, call the district office at 605-330-4243.