CEDCO Small Business Finance inline

How Do Small Businesses Help The Economy?

woman in yellow top and apron holds a sign that says "open" in chalk. She is a new business owner.

The SBA recently increased its size standards for small businesses in an effort to expand access to its loan programs. This is an important step in the association’s ongoing quest to support small business owners. In 2022 alone, the federal government awarded $163.9 billion dollars to small businesses, accounting for nearly a quarter of all […]

New Size Standard For SBA 504 and 7a Loans

beads spelling out "inflation" on light green background

An Alternative Size Standard has been made permanent as a Final Rule published in the Federal Register as of 2/15/2024. The Rule accounts for inflation and significantly increases the allowable net worth and after-tax net income for small businesses looking to apply for SBA 504 and 7a loans. This is exciting news, as it means […]

Open a Bed and Breakfast with the SBA 504

bed and breakfast sign

Are you someone who has always dreamed of running your own cozy retreat, where guests can enjoy a home away from home experience? If so, starting a bed and breakfast (B&B) might be the perfect venture for you. Running a B&B does have special considerations, however, including financing. Read our article to learn more about […]

Can You Use a SBA 504 Loan for Self Storage?

self storage unit open to reveal stacks of boxes

Starting or expanding a self-storage business can be a lucrative venture. Nearly everyone will need a storage unit at some point, which makes it a fairly attractive investment. 11.1 percent of all American households currently utilize self storage, contributing to this 29 billion dollar industry. So how can you get in on the action? For […]

SBA Loan for a Trucking Company

fleet of trucks for trucking company

The SBA 504 is designed to help business owners acquire and expand fixed assets. This primarily applies to real estate, land, and heavy equipment. This means that, for the most part, you cannot use the SBA 504 loan to purchase vehicles. There are some exceptions to this rule, however. Let’s discuss what vehicles you can […]

Financing a Car Wash With the SBA 504 Loan?

white car in a car wash tunnel

It seems you can’t throw a rock these days without hitting a “car wash coming soon” sign. But what is it about a car wash that makes it such an appealing business opportunity? And what are your financing options? Let’s take a closer look at why car washes are one of the fastest growing industries […]

Starting a Childcare Business with a 504 Loan

kids at a childcare center

Starting a childcare business, like a daycare or preschool, is not only a fulfilling endeavor but also a vital service to the community. However, like any business, it can require a significant financial investment to get off the ground. In this post, we will discuss how an SBA 504 loan can be used to help […]

Personal Financial Statement

snippet of the SBA personal financial statement form

How to Fill Out SBA Form 413 The application process for a SBA 504 loan can seem a bit daunting. There are documents to gather, phone calls to make, and, of course, forms to fill out. One of the most important forms in ensuring your loan is approved is the Personal Financial Statement, also known […]

Complete Guide to Refinancing a SBA 7(a) to a 504 Loan 

yellow post it with "refinance" written in cursive next to calculator

If you are a small business owner looking to refinance your SBA 7(a) loan to a 504 loan, you will likely want to know what to expect. Our guide will help you learn the eligibility and documentation requirements and highlight a few examples of when a refinance is a smart business option.  Why Refinance to […]

Collateral Requirements for an SBA 504 Loan

Scrabble blocks spelling the word "collateral"

If you are considering financing for fixed assets for your small business, the SBA 504 can be a great option. Eligibility requirements are not dissimilar from conventional loans, including good credit, proof of income, and collateral to secure the loan. The type of collateral differs from conventional loans, however, and depends largely upon what is […]