SFC Bank Recognized for Economic Development Efforts
RMI Business Finance (RMI) recently recognized SFC Bank for its work in partnering on U.S. Small Business Administration (SBA) 504 Loans.
RMI is a Certified Development Company (CDC) based in Jefferson City, Mo., that delivers SBA 504 Loans to businesses in Arkansas, Kansas, Missouri and parts of Illinois. These loans provide fixed-asset, long-term financing at attractive interest rates.
RMI recognized 27 banks as “Elite Lenders,” including eleven that received “Platinum Elite” status, the highest distinction available. By maintaining at least eight SBA 504 Loans, SFC Bank earned that distinction.
- The use of SBA 504 Loans must be used for fixed assets – and certain soft costs – including:
- The purchase of existing buildings;
- The purchase of land and land improvements, including grading, street improvements, utilities, parking lots and landscaping;
- The construction of new facilities or modernizing, renovating or converting existing facilities
- The purchase of long-term machinery (subject to conditions);
- The refinancing of debt in connection with an expansion of the business through new or renovated facilities or equipment (subject to conditions).
“As a community bank, we’ve made it out priority to provide a high level of service unmatched by any financial institution. The SBA 504 program is one of the many tools SFC has to help the region's businesses grow by providing long-term favorable financing options,” said Monte McNew, CEO and president of SFC Bank.