Benefits of Partnering with BEFCOR
BEFCOR offers several benefits to lenders and bankers who have small business clients needing SBA 504 and CDFI loans:
- Partnership and Collaboration: Our Team works closely with financial institutions to blend resources and expertise, helping small businesses obtain financing that supports their growth. Lenders play a pivotal role in identifying potential SBA 504 and CDFI candidates and understanding the benefits of the programs.
- Reduced Risk: Banks benefit from reduced risk since BEFCOR and SBA 504 loans finance a portion of the project costs. This allows banks to maintain their relationship with small business customers while expanding their lending capacity.
- Efficient Loan Process: BEFCOR manages all aspects of the SBA 504 and CDFI processes, working simultaneously with lending partners to make the process seamless for borrowers. This includes underwriting loans and sharing information to speed up the process.
- Expanded Lending Capacity: By partnering with BEFCOR, banks can expand their lending capacity and offer more comprehensive financing solutions to their clients.
- Support for Community Development: BEFCOR's mission is to promote economic development by offering loans to small businesses, which aligns with the goals of many financial institutions to support their local communities.
- Comprehensive Loan Programs: BEFCOR offers SBA 504 and CDFI loans to businesses seeking financing for various needs, including purchasing land and buildings, new construction, renovation, and refinancing fixed assets.
- Expertise and Guidance: BEFCOR assists lenders in evaluating financing options for their clients, providing guidance throughout the loan application process, including loan application, appraisal, and environmental due diligence.
- Flexible Participation: Banks, credit unions, non-bank lenders, commercial lending companies, and individuals can participate in BEFCOR’s programs.
BEFCOR’s Loan Options
When you are seeking the best loan options for your borrowers, call us to discuss options.
CDC – SBA 504 Loan
Backed by: U.S. Small Business Administration (SBA)
Loan Amounts: $25,000 to $5,500,000
BEFCOR is certified as a Certified Development Company (CDC), allowing us to deliver the SBA 504 Loan Program.
CDFI – Community Development Loan
Backed by: U.S. Department of the Treasury
Loan Amounts: $5,000 to $150,000
As a Community Development Financial Institution (CDFI), BEFCOR also offers flexible, community-focused loan options.
Remember that you do not have to know the details of SBA 504 and CDFI, you just need to know the experts who do – our TEAM!
Timing
If you are reviewing a small business' loan application that may be a candidate for BEFCOR’s SBA 504 or CDFI programs, the optimal time to contact us is: As soon as possible!
We will always do our best to meet your timelines. However, please note that all of our options require prudent underwriting and approval processes so ‘last-minute’ requests can be challenging.
Staying Up To Date
We love sharing the BEFCOR story and our solutions to help small businesses and their bank partners. Here are a few ways we can support you: