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Oregon Business Development Corporation SBA 504 Real Estate Loans 334 NE Hawthorne Avenue Bend, OR 97701 (541) 548-9538 oregonbusinessdevelopment.org SBA 504 Loan Application Company Information Company

How to fill out sba 504 application

How to Fill Out SBA 504 Application:

1. Start by gathering all the necessary documents and information. This includes basic business information, financial statements, tax returns, personal financial statements, and a detailed business plan.
2. Complete the application form accurately and thoroughly. Make sure to provide all requested information and double-check for any errors or missing sections.
3. Prepare a detailed purpose and description for the loan. Clearly explain how the funds will be used and how it will benefit your business. Provide supporting documents, such as invoices, estimates, or contracts if applicable.
4. Include all necessary financial statements, including balance sheets, income statements, cash flow statements, and projections. These documents will help lenders assess your business's financial health and ability to repay the loan.
5. Provide personal financial statements for each business owner or guarantor. This includes information on assets, liabilities, and income. These statements help lenders evaluate personal financial stability and capacity to support the loan.
6. Be sure to include any additional required documentation specific to your business or industry. This may include licenses, permits, leases, contracts, or legal agreements.
7. Review the entire application thoroughly before submitting it. Check for any mistakes, missing information, or inconsistencies that could delay the approval process. It is recommended to have a professional review your application to ensure accuracy.

Who Needs SBA 504 Application:

1. Small businesses looking to finance the purchase, construction, or renovation of commercial real estate or equipment may need to fill out an SBA 504 application. This program is specifically designed to help small businesses access long-term, fixed-rate financing for these purposes.
2. Business owners who meet the specific eligibility criteria set by the SBA and lenders should consider applying for the SBA 504 loan. These criteria typically include having a tangible net worth below $15 million and an average net income below $5 million after taxes for the past two years.
3. Those who are seeking competitive interest rates and favorable loan terms should explore the SBA 504 loan option. These loans often offer lower down payments, longer repayment periods, and fixed interest rates, making them more affordable and attractive to small business owners.

For pdfFiller’s FAQs

What is sba 504 application?

SBA 504 application is a form submitted to the Small Business Administration to apply for a 504 loan program which provides long-term financing for major fixed assets such as real estate and equipment.

Who is required to file sba 504 application?

Any small business owner looking to purchase major fixed assets and meet the eligibility criteria can file an SBA 504 application.

How to fill out sba 504 application?

To fill out an SBA 504 application, the small business owner needs to provide detailed information about the business, the project requiring financing, and the personal financial information of the owners.

What is the purpose of sba 504 application?

The purpose of an SBA 504 application is to apply for long-term financing to purchase major fixed assets for a small business.

What information must be reported on sba 504 application?

The SBA 504 application typically requires information about the business, the project needing financing, the credit history of the owners, and the collateral available.

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