1. Call or meet with the 504 Corporation to review project details and eligibility.
  2. 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.
  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 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

Personal Information 

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)