Get the free SBA 504 Application - Greater Eastern Oregon Development ... - geodc

GEODE/SBA Application Checklist (rev. 8/10) Name of Operating Company: Contact: Phone: Fax: ALL EXHIBITS MUST BE SIGNED AND DATED (please use blue ink) 1 History and Description of Business (Use enclosed

How to fill out sba 504 application

How to fill out SBA 504 application:

1. Gather necessary documents: Before starting the application, collect important documents such as financial statements, business plan, personal financial statements, and tax returns. Make sure you have all the required information at hand.
2. Begin the application: Start by completing the basic information section, including your business name, address, and contact details. Provide accurate information to avoid any delays or complications in the process.
3. Fill in the purpose of the loan: Clearly state the purpose for which you are seeking the SBA 504 loan. Whether it is for purchasing real estate, construction, or machinery, be specific about how the loan will benefit your business.
4. Provide financial information: In this section, you will need to share detailed financial information about your business. This includes revenue, expenses, assets, liabilities, and cash flow projections. Ensure that your financial statements are accurate and up to date.
5. Describe your business: Provide a thorough description of your business, its products or services, target market, competition, and future plans. This section allows the lender to assess the viability of your business and the potential for success.
6. Specify collateral: Indicate the collateral that will secure the SBA 504 loan. This can include real estate, equipment, or other business assets. It is important to accurately value and describe the collateral you will offer as security.
7. Complete personal information: Enter personal information about the business owners, including their names, addresses, social security numbers, and financial history. The lender will review this information to assess the owners' creditworthiness.
8. Review and submit: Take the time to review all the sections of the SBA 504 application to ensure accuracy and completeness. Double-check that all required documents are attached before submitting the application.

Who needs SBA 504 application:

1. Small businesses looking to purchase commercial real estate: SBA 504 loans are designed to help small businesses acquire real estate properties for their operations. If you have plans to buy a building or land for your business, you will need an SBA 504 application.
2. Businesses in need of long-term fixed assets: The SBA 504 program also caters to businesses requiring long-term fixed assets such as machinery, heavy equipment, or vehicles. If your business needs these assets to operate or expand, an SBA 504 application is necessary.
3. Companies with a solid business plan and financials: Lenders typically require a solid business plan and financial statements to assess the creditworthiness of borrowers. If your business has a well-developed plan and a strong financial history, you may be eligible for an SBA 504 loan.
4. Small businesses unable to get conventional financing: The SBA 504 loan program is particularly beneficial for small businesses that may not qualify for conventional bank loans due to factors like limited collateral or a shorter business history. If traditional financing is not a viable option, an SBA 504 loan could be a suitable alternative.
5. Those seeking favorable loan terms: SBA 504 loans often come with longer repayment terms, lower down payments, and competitive interest rates. If you are looking for favorable loan terms that can benefit your business in the long run, consider applying for an SBA 504 loan.

For pdfFiller’s FAQs

What is sba 504 application?

The SBA 504 application is a form used to apply for a loan through the Small Business Administration's 504 Loan Program, which provides financing for fixed assets like real estate and equipment.

Who is required to file sba 504 application?

Small business owners looking to purchase or improve fixed assets for their business are required to file the SBA 504 application.

How to fill out sba 504 application?

The SBA 504 application can be filled out online or through a participating Certified Development Company (CDC) that administers the program. It requires information about the business, project details, and financial statements.

What is the purpose of sba 504 application?

The purpose of the SBA 504 application is to secure financing for small businesses to purchase or improve fixed assets, which can help stimulate economic growth and create jobs.

What information must be reported on sba 504 application?

The SBA 504 application requires information about the business, the proposed project, the business owner's financial history, and any collateral being used to secure the loan.

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