RMI Business Finance (RMI) recently recognized Arvest 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 24 banks as “Elite Lenders,” including six that received “Platinum Elite” status, the highest distinction available. By maintaining at least eight SBA 504 Loans, Arvest earned that distinction.
“RMI values all our lending partners for the 504 Loan Program, especially those that are frequent users that qualify them as an Elite Lender,” RMI executive director Zola Finch said.
- 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).
“We want to help our customers grow and thrive,” said Eileen Jennings, a commercial banker for Arvest in Fayetteville and RMI board member. “By partnering with RMI and the SBA, we can offer long-term, favorable financing options to the region’s businesses.
“The SBA 504 program is one of many tools Arvest has to help the region’s businesses grow. RMI provides excellent support throughout the financing process and contributes to the economic growth of our region.”