1. Call or meet with the 504 Corporation to review project details and eligibility.
  2. Submit 504 application (requires Acrobat Reader IX or later) and other information (see below) to the 504 Corporation. Staff prepares credit write-up for Board’s review.
  3. With the Board’s approval, the formal SBA 504 application is electronically sent to SBA.
  4. SBA reviews the application and emails their decision unless additional information is requested.

Items needed for 504 Corporation Board Review:

Business information

    • Detailed history and description of the business or business plan for start-up company
    • Business financial statements for the past 3 years
    • Federal tax returns for the past 3 years
    • Interim financial statements dated within 120 days
    • Schedule of Debts for Operating Company, Borrower, and any Corporate Guarantors
    • Refinance documents – note, collateral documents, guaranties, and 12 month payment transcript
    • Sales and expense projections with assumptions for the next 2 years
    • Affiliate businesses federal tax returns for the past 2 years*
      * Affiliate can be through ownership, management, etc.

Personal Information (20% or more ownership)

    • Federal tax returns for the past 2 years
    • Balance Sheet & Income Statements and Federal Tax Returns for the last 3 years
    • Personal Financial Statement dated within 60 days (both spouses signature required)
    • Resume for each owner and key manager(s)
    • SBA Form 912 – Statement of Personal History

Legal Entity Documents (as applicable)

    • Corporation – bylaws and stock certificates
    • Partnerships – agreement
    • Limited Liability Company – operating and member control agreements
    • Trust – trust agreement
    • Franchise/License/Dealer/Jobber or similar agreements
    • Other – buy/sell agreements, owner buyouts, etc.

Real Estate/Equipment information (as applicable)

    • Real estate purchase agreement
    • Construction, furniture, fixtures, and equipment quotes
    • Environmental Requirements
    • Appraisal – required immediately for related party, take back financing, and expansion of existing RE – Requirements
    • Existing leases and subleases (must provide square footage of all leases)