Empowering Small Businesses KoBE, USIDC, and EACDC Seminar on SBA 504 Loan

On Wednesday, June 21, 2023, at 6 PM, KoBE and USIDC, chaired by Matthew Lee, along with Eastern American CDC (EACDC), a federal government-approved financial institution, held a free educational seminar on 'SBA 504 Loan'.

Approximately 40 participants attended the seminar, where they received detailed explanations about the SBA 504 and SBA 7(a) loan programs intended for building and equipment purchases, and they had the opportunity to ask questions.

The speaker, Kwon H. Jung, President of EACDC, introduced the SBA 504 loan as a federal government program that provides up to 90% loans for purchasing fixed assets such as buildings or equipment. President Jung emphasized that the biggest advantage of the SBA 504 loan is that it offers a fixed interest rate for 25 years, which is more than 2% cheaper than the standard market rate, and the down payment is only 10%.

SBA stands for 'Small Business Administration', a system in which the government guarantees and the bank provides the loan. EACDC is a federal government-certified economic development financial institution that assists small and medium-sized businesses in the United States through the SBA 504 loan. Among more than 200 CDCs nationwide, it is the only one operated by a Korean.

Before President Jung's lecture, Chairman Matthew Lee introduced his book 'Challenge! US Government Procurement' and explained the SBA 8(a) certification. Currently, there are over 6,000 small and medium-sized enterprises that have received SBA 8(a) certification, and the federal government spends $48 billion annually.

Chairman Matthew Lee said, "The certification allows you to receive preferential treatment for nine years," and added, "There are many success stories of numerous minority enterprises receiving SBA 8(a) certification and doing business with the federal government."