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504 Loan Application Company Information Company name Address City State Zip Principal in charge Phone Fax Secondary contact Phone Fax (IN HOUSE CONTROLLER OR BOOKKEEPER) Type of Business Date established

How to fill out 504 loan application

How to fill out a 504 loan application?

1. Start by gathering the necessary documents: To complete a 504 loan application, you will need to provide personal and financial information. This typically includes your personal identification documents, tax returns, financial statements, and a business plan.
2. Fill out the personal information section: Begin by entering your personal details such as your name, address, contact information, and social security number. Ensure that the information provided is accurate and up-to-date.
3. Provide financial information: Provide detailed information about your finances, including your income, assets, liabilities, and credit history. This information helps the lender assess your financial stability and determine your loan eligibility.
4. Complete the business information section: Outline the details of your business, such as its name, address, type of organization, and date of establishment. Additionally, provide information on your business's structure, industry, and market position.
5. Describe your loan request: Clearly state the purpose of the loan and the amount you are requesting. Explain how the loan will be used, such as expanding your business, purchasing equipment, or financing real estate.
6. Attach supporting documents: Attach all the necessary supporting documents, such as your tax returns, financial statements, business plan, and any other documents required by the lender. Make sure to organize them appropriately and label each document clearly.

Who needs a 504 loan application?

1. Small business owners: Small business owners who need financing for various purposes, including expansion, purchasing equipment, or real estate, may need to fill out a 504 loan application.
2. Entrepreneurs looking for long-term financing: The 504 loan program is designed to provide long-term, fixed-rate financing to help entrepreneurs achieve their business goals. If you are looking for stable, low-interest financing options, the 504 loan may be suitable for your needs.
3. Individuals or businesses lacking sufficient collateral: Unlike conventional loans, 504 loans are backed by the assets being financed, reducing the need for additional collateral. If you lack sufficient collateral to secure traditional financing, a 504 loan may be a viable option.
4. Businesses focusing on community development: The 504 loan program aims to foster economic growth and job creation in local communities. If your business aligns with community development goals, you may be eligible for a 504 loan.

Remember, always consult with a financial advisor or lender for specific guidance and assistance when filling out a 504 loan application.

For pdfFiller’s FAQs

What is 504 loan application?

504 loan application is a type of loan application used for the Small Business Administration's 504 loan program, which provides long-term fixed-rate financing for major fixed assets such as real estate and equipment.

Who is required to file 504 loan application?

Small business owners looking to finance major fixed assets may be required to file a 504 loan application.

How to fill out 504 loan application?

To fill out a 504 loan application, you will need to provide information about your business, the asset you are financing, and your financial history.

What is the purpose of 504 loan application?

The purpose of a 504 loan application is to obtain financing for major fixed assets in order to support business growth and development.

What information must be reported on 504 loan application?

Information that must be reported on a 504 loan application includes business details, asset information, financial statements, and personal background.

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