Get the free 504 Loan Application - Southern Hills Economic Development ...

STATE OF SOUTH DAKOTA Governors Office of Economic Development 711 E WELLS AVE PIERRE, SOUTH DAKOTA 57501 Governors Office of Economic Development Loan Funds Loan Servicing Agent PROPOSALS ARE DUE

How to fill out 504 loan application

How to fill out 504 loan application

1. Start by gathering all the necessary documents, such as financial statements, tax returns, and business plans.
2. Research and select a certified development company (CDC) that specializes in the 504 loan program.
3. Contact the chosen CDC and schedule a meeting to discuss your loan application.
4. Attend the meeting and provide all the required information and documents to the CDC.
5. Work with the CDC to complete the loan application form, ensuring that all sections are accurately filled out.
6. Double-check for any errors or missing information before submitting the application.
7. Submit the completed application to the CDC along with any additional required documents.
8. Wait for the CDC to review your application and assess your eligibility for the 504 loan program.
9. If approved, continue working with the CDC to fulfill any additional requirements or provide further documentation.
10. Once all requirements are met, the CDC will forward your application to the Small Business Administration (SBA) for final approval.
11. Await the decision from the SBA regarding the approval of your 504 loan application.
12. If approved, proceed with the loan closing process as instructed by the CDC and SBA.
13. Fulfill all loan obligations and requirements as outlined in the loan agreement.
14. Keep track of all loan-related documentation and ensure timely repayments to maintain a good credit history.

Who needs 504 loan application?

1. Small and medium-sized businesses that are looking for long-term financing options to acquire fixed assets like real estate or equipment.
2. Business owners who want to expand their operations or make significant investments in their company's growth.
3. Entrepreneurs who do not qualify for traditional bank loans but have a viable business plan and financial stability.
4. Owners of eligible businesses that operate for profit and contribute to the local economy.
5. Companies in industries such as manufacturing, wholesale, retail, service, and accommodation.

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What is 504 loan application?

The 504 loan application is a request for funding under the SBA 504 Loan Program, which provides loans for purchasing fixed assets like real estate and equipment for small businesses.

Who is required to file 504 loan application?

Small businesses seeking to acquire fixed assets that meet specific eligibility criteria set by the SBA are required to file a 504 loan application.

How to fill out 504 loan application?

To fill out the 504 loan application, applicants must complete the necessary forms provided by the SBA, including financial statements, business plans, and documentation of the project's purpose and costs.

What is the purpose of 504 loan application?

The purpose of the 504 loan application is to secure financing for the purchase of major fixed assets that will foster business growth and job creation.

What information must be reported on 504 loan application?

The application must report information such as the business's financial history, projected cash flows, details about the asset being financed, and the purpose of the loan.