The Vermont 504 Loan Program makes SBA 504 loans to eligible borrowers whose business net worth is no more than $15 million and whose average net profit after taxes does not exceed $5 million for two prior years. The program uses proceeds of SBA debentures to finance borrowers’ business needs. SBA 504 loans are made in conjunction other third party lenders that normally finance 50% of the Project. The Vermont 504 Corporation’s SBA 504 loan lends up to 40% of the Project amount in a lien position that is junior to the third party lender. The maximum non-manufacturing SBA 504 loan is $2 million ($1.5 million in Burlington).