Chesapeake, VA, February 01, 2020 --(PR.com
)-- Chris Topping has joined mission-based lender 504 Capital Corporation as a Business Development Officer to provide SBA 504 financing to small business owners in Virginia, North Carolina, Maryland, Washington, DC, West Virginia and parts of rural Pennsylvania.
Prior to joining 504 Capital, Chris was a Small Business Loan Officer with Virginia Community Capital Bank in Norfolk, VA where he helped business owners obtain SBA 7a and SBA 504 loans. He also served on the Board of Directors for 504 Capital Corporation.
“We are excited to have Chris with us. He is a proven leader in the market and is a key addition to our team,” said Brent Swanson, president of 504 Capital Corp. “His background as a lender and his deep understanding of the SBA 504 loan program strengthens our path towards accelerated and sustainable growth. Chris will be instrumental in helping us further diversify our business relationships while also enhancing our customer and lending partner experience.”
In this role, Chris will partner with local banks to help business owners purchase, develop or refinance commercial real estate. He can also help with equipment financing.
The SBA 504 loan is a fixed-rate loan for owner-occupied real estate and equipment, that in many circumstances requires only 10% equity from the client. As of January 31, 2020, the current SBA 504 rate for a 25-year loan is fixed at 3.71%.
In the community, Chris is a member of Norfolk’s Downtown 100 and the Hampton Roads Community Foundation’s Community Leadership Partners. He is active in Bennett’s Creek Little League as a baseball coach of his two step-children. Chris also volunteers with Junior Achievement of Hampton Roads, where he helps teach financial literacy to the region’s middle school students.