COVID-19 Update - March 22, 2021 - All Holyoke Credit Union lobbies will be open to limited traffic. The West Springfield and Feeding Hills lobbies and drive-thrus will be open: M-Th. 9am - 4pm; Fri. 9am -5pm; and Sat. 9am-12pm. The Holyoke lobby will be open: M-Th. 9am - 4pm; Fri. 9am -5pm; and Sat. 9am-12pm. The Holyoke Drive-thru will be open: M-Th. 8am - 4pm; Fri. 8am -5pm; and Sat. 9am-12pm. Mobile banking, online banking and HCU's Member Solutions Call Center (413-532-7007) are available for your convenience. We look forward to seeing you again! Please remember to wear a mask and maintain social distance while in the lobby. Thank you!

SBA 504 Program

Holyoke Credit Union offers the SBA 504 Program to encourage business expansion and job creation. This unique program provides up to 90% long-term, fixed-rate financing for real estate acquisition, renovation, expansions, and equipment purchases. The SBA 504 Program is available to small to mid-sized businesses with employees. 


  • Available for a variety of uses, including the purchase of existing property or land, as well as new construction
  • 90% financing (10% down payment)
  • Owner-occupied real estate and equipment
  • Below-market fixed rates
  • Financing available for many SBA-related fees/closing costs
  • 20-year fixed rate and 10-year fixed rate on equipment (on the SBA second loan)


  • Most for-profit businesses (corporation, partnership, or proprietorship)
  • Operating company must occupy 51% of existing building or 61% with new construction
  • The net worth of a business must not exceed $15 million and the net income after taxes cannot exceed $5 million.
  • The average net profit after taxes must not exceed $2 million (average over the last two years). Check with an SBA specialist if maximums are close or exceeded.
  • Maximum project size is $6 million for non-manufacturers and $10 million for manufacturers.
  • Equity requirement is 10%. An extra 5% is required for a start-up business (two years or less) or a single-purpose building (10% additional if both are applicable). 

Loan Uses

  • Purchase or renovation of an existing owner-occupied building
  • Modernization, renovation, or restoration of a building, including household improvements
  • Purchase of equipment with economic useful life of 10 years or more
  • Other attendant soft costs such as accountants, engineers, appraisers, construction period interest
  • Purchase of land
  • 10% contingency on a real estate construction project

Ineligible use of proceeds

  • Working capital
  • Debt consolidation or repayment
  • Inventory
  • Refinancing (though you may be able to refinance an existing first mortgage of an existing SBA 504 deal)

How to Apply

Three easy ways to apply:

  • Visit the Holyoke Credit Union main branch at 490 Westfield Road, Holyoke, MA 01040
  • Email Commercial Lender, Dan O’Neill, at
  • Call Dan O’Neill at (413) 532-7007 ext. 1125 for an appointment.