Get the free SBA Form 1244

This document outlines the agreements and certifications required for organizations seeking a Section 504 loan from the SBA, detailing compliance with regulations, nondiscrimination clauses, and acknowledgments

How to fill out sba form 1244

How to fill out SBA Form 1244

1. Start by downloading SBA Form 1244 from the official SBA website.
2. Fill in your personal information, including your name, address, and contact details at the top of the form.
3. Provide your Social Security Number or Employer Identification Number (EIN), as applicable.
4. Indicate the type of business entity you are operating (e.g., sole proprietorship, partnership, corporation).
5. Fill out the financial information section, including your annual revenues and number of employees.
6. If applicable, provide details regarding any loan proceeds you are requesting.
7. Sign and date the form, certifying that the information you provided is correct to the best of your knowledge.
8. Review the form thoroughly before submission to ensure all fields are complete and accurate.
9. Submit the completed Form 1244 to the appropriate SBA office as instructed.

Who needs SBA Form 1244?

1. Small businesses seeking financial assistance or loans from the SBA.
2. Entrepreneurs applying for specific SBA programs that require proof of eligibility.
3. Businesses that need to demonstrate their need for funding due to financial hardship.

People Also Ask about

What is the SBA form 1244?

Purpose of This Form This form and exhibits are to be completed by the Small Business Applicant (“Applicant”) and the Certified Development Company (CDC). The information is used to review the Applicant's eligibility for a loan, indebtedness, creditworthiness, and certain other disclosures.

What is the minimum credit score for SBA 504?

3. SBA 504 Loan Minimum Credit Score for SBA Loan. The minimum credit score for an SBA loan is 680 with a 10% down payment to purchase the asset. The SBA 504 loan, or SBA CDC loan, offers long-term, fixed-rate funding of up to $5 million for major fixed assets (i.e., real estate, equipment, etc.)

What percentage of SBA 504 loans are guaranteed?

A Certified Development Company (CDC) provides up to 40% of the financing through a 504 debenture (guaranteed 100% by the SBA);

What disqualifies you from getting an SBA loan?

What Disqualifies You From Getting an SBA Loan? The three primary disqualifiers for an SBA loan include a poor credit history, insufficient collateral or equity investment, and lack of a solid business plan. These factors can signal to lenders a high risk of default, making loan approval less likely.

Is it hard to get an SBA 504 loan?

Small businesses must provide extensive documentation including both business and personal tax information, and that documentation takes time to gather and process. While there's not a fixed timeline for SBA 504 loan approval, the entire process can take as long as 6 months, though 2-3 months is more typical.

How hard is it to get an SBA 504 loan?

It can be difficult to get approved for an SBA 504 loan because they offer relatively low interest rates and fees and long repayment terms. You also have to meet the SBA's requirements and any lender criteria because this loan is competitive with small business owners.

Can I use an SBA loan to buy investment property?

While SBA loans cannot be used to purchase rental property or investment properties, they can be used to buy commercial property where the business owner only needs to occupy 51% of the property.

For pdfFiller’s FAQs

What is SBA Form 1244?

SBA Form 1244 is a form used by the Small Business Administration (SBA) to collect information from applicants seeking financing for certain types of loans or grants. It is primarily used for determining eligibility and assessing the financial status of the applicant.

Who is required to file SBA Form 1244?

Individuals and businesses applying for specific SBA loan programs, particularly those that need to demonstrate financial need or provide personal financial information, are required to file SBA Form 1244.

How to fill out SBA Form 1244?

To fill out SBA Form 1244, applicants need to provide personal and financial information such as income, assets, liabilities, and business-related details. It is essential to read the instructions carefully and ensure all sections are completed accurately before submission.

What is the purpose of SBA Form 1244?

The purpose of SBA Form 1244 is to gather reliable and necessary financial information from borrowers to evaluate their creditworthiness and eligibility for SBA-backed loans and financial assistance.

What information must be reported on SBA Form 1244?

The information reported on SBA Form 1244 includes personal and business financial statements, details about business ownership, income statements, balance sheets, and any other relevant financial data necessary for assessing the applicant's financial situation.