How Oakland County Business Finance Corporation is Helping Entrepreneurs Succeed
Starting a business is an exciting and challenging endeavor that requires a lot of hard work and dedication. However, most entrepreneurs face a common challenge – securing funding to kick-start their business. This is where Oakland County Business Finance Corporation (OCBFC) comes in. As a non-profit organization, OCBFC is dedicated to helping entrepreneurs in Oakland County, Michigan, succeed by providing them with various financial options.
Background of Oakland County Business Finance Corporation (OCBFC)
OCBFC was founded in 1979 as a collaboration between the Oakland County government and local financial institutions. Since then, it has been providing loans and other financial assistance to small businesses and entrepreneurs in the region. As a certified development company, OCBFC is authorized by the U.S. Small Business Administration (SBA) to offer the SBA 504 loan program, which provides long-term, fixed-rate financing for major fixed assets such as land, buildings, and equipment.
SBA 504 Loan Program
The SBA 504 loan program offered by OCBFC is one of the primary ways that entrepreneurs can access funding. The program provides low-interest financing with a fixed rate for up to 20 years, and requires a down payment of as little as 10% of the total project cost. The program is specifically designed to cater to small businesses with up to 500 employees, making it an ideal option for most entrepreneurs.
Advantages of SBA 504 Loan Program
One of the primary advantages of the SBA 504 loan program is that it offers long-term financing with a fixed rate, which makes it easier for entrepreneurs to budget and plan their finances. Additionally, the program requires a lower down payment than traditional loans, which means that entrepreneurs can conserve their cash flow for other business operations. Furthermore, the SBA 504 loan program offers no prepayment penalties, which gives entrepreneurs the flexibility to pay off their loans early and save on interest charges.
Other Financial Options
Apart from the SBA 504 loan program, OCBFC offers other financial options such as lines of credit, working capital loans, and equipment financing. These options can be customized to meet the specific needs of each entrepreneur, and offer competitive rates and flexible terms.
Success Stories
OCBFC has helped many entrepreneurs in Oakland County achieve their business goals and aspirations. For instance, Aerotronic Avionics, a company that designs and manufactures unmanned aerial systems, was able to secure a $1.3 million SBA 504 loan through OCBFC. This enabled the company to purchase a new building and expand its operations, which created several new jobs in the region. Another success story is that of Deli Unique, a catering company that was able to secure a $225,000 SBA 504 loan through OCBFC to purchase a new building. This has enabled the company to expand its services and create more job opportunities.
Conclusion
Starting a business is not an easy task, especially when it comes to securing funding. However, Oakland County Business Finance Corporation has made this process much easier for entrepreneurs by providing them with various financial options. With its SBA 504 loan program, OCBFC is helping entrepreneurs in Oakland County achieve their dreams and create more job opportunities in the region.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)
Speech tips:
Please note that any statements involving politics will not be approved.