504 Capital Corporation Zachary Petry has joined 504 Capital Corporation as a business development officer to provide Small Business Administration (SBA) 504 Loans to small business owners in Virginia, North Carolina, Maryland, DC, West Virginia and parts of rural Pennsylvania. With the addition of Petry, 504 Capital has now opened an office in Richmond (406 West Franklin St, Suite 208). 504 Capital supports banking partners and borrowers in Central Virginia, and the new office will allow the company to develop a stronger reputation within the Richmond business community. Prior to 504 Capital, Petry was the small business lending manager with Virginia Community Capital Bank in Richmond where his team deployed financing for small businesses, offering conventional loans as well as SBA 7a and 504 loans."We are excited to have Zachary with us. He is a proven leader in the market and a key addition," said Brent Swanson, president of 504 Capital. "Zachary's background as a lender and his deep understanding of SBA loan programs strengthens our path towards accelerated and sustainable growth. Zachary will allow us to diversify our business relationships and enhance our customer and lending partner experiences."In the new role, Petry will work with local banks to utilize the SBA 504 loan product for their small business borrowers. The loans can be used for the purchase, development or refinancing of owner-occupied commercial real estate as well as equipment purchases. For the borrower, the SBA 504 loan offers a fixed-rate loan for up to 25 years with as little as 10% down. Rates on the 504 loan are typically 1-2% below rates for similar commercial loans. For a first mortgage lender, the SBA 504 loan provides a favorable loan-to-value allowing lenders to finance projects they may be unable to otherwise. 504 Capital Corporation is a nonprofit organization founded to promote financial and industrial growth throughout VA, D.C., MD and NC.