RMI Business Finance (RMI) has recognized Arvest Bank for its work in partnering on U.S. Small Business Administration (SBA) 504 Loans for the second consecutive year.
A Certified Development Company (CDC) based in Jefferson City, Mo., RMI 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 recently recognized 24 banks as “Elite Lenders,” including eight that received “Platinum Elite” status, the highest distinction available. Arvest earned that distinction by maintaining 13 SBA 504 Loans, as of Sept. 30.
“The 504 Loan Program serves numerous functions, including the promotion of business growth and job creation, and RMI values all our lending partners who share in our efforts,” RMI executive director Zola Finch said. “We especially appreciate those that are frequent users who qualify for Elite Lender status.”
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 both with and without expansion.
“By working with community partners like RMI, Arvest is able to help local businesses grow into their own facilities at very favorable financing terms,” said Eileen Jennings, a commercial banker for Arvest in Fayetteville and RMI board member.