- Call or meet with the 504 Corporation to review project details and eligibility.
- 504 Corporation 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.
- With the Board’s approval, the formal SBA 504 application is electronically sent to SBA.
- SBA reviews the application and emails their decision unless additional information is requested.
Items needed for 504 Corporation Board Review:
- 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 90 days
- Business Debt Schedule for Operating Company, Borrower, and any Corporate Guarantors
- Refinance documents – note, collateral documents, guaranties, and 12 month payment transcript
- For new business and major expansions, 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.
- Guarantor and Key Management Information Form
- Federal tax returns for the past 2 years
- Personal Financial Statement dated within 60 days (both spouses signature required)
- Resume for each owner and key manager(s)
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
- Sworn Construction Statement, furniture, fixtures, and equipment quotes
- Environmental Requirements
- Appraisal – Requirements