The CDC/504 loan program is a long-term financing tool for economic development within a community. The 504 Program provides small businesses requiring “brick and mortar” financing with long-term, fixed-rate financing for the acquisition or refinance of commercial real estate. 504 loans are facilitated through Certified Development Company’s (CDC). A CDC is a private, nonprofit corporation set up to contribute to the economic development of its community and they work with SBA and private sector lenders to provide financing to small businesses through the 504 program. Projects are secured by a 1st and a 2nd Deed of Trust/Mortgage on commercial real estate, meeting SBA qualifications, having a maximum aggregate Loan to Value of 90%, depending on property type.