Get the free SBA 504 Application Package Rev'd 2020-02-07 (fillable).pdf

SBA 504 Loan Application Checklist Applicant Business Name: Loan Application Forms (provided):Note: Each business owner of 20% or more must complete and provide required forms and documents 504 Loan

How to fill out sba 504 application package

How to fill out sba 504 application package

1. To fill out the SBA 504 application package, follow these steps:
2. Start by reviewing the application requirements and instructions provided by the Small Business Administration (SBA).
3. Collect all the necessary financial documents, such as tax returns, financial statements, and business plans.
4. Fill out the SBA Form 1244, which includes general information about the business, the purpose of the loan, and details about the project being financed.
5. Complete the SBA Form 1245, which provides information about the borrower's economic injury and mitigation measures.
6. Attach supporting documents, including personal financial statements, resumes of key personnel, and collateral information.
7. Review the completed application package to ensure all required information is provided and all forms are signed.
8. Submit the application package to the designated SBA lender or Certified Development Company (CDC).

Who needs sba 504 application package?

1. Small business owners who are looking for long-term financing to acquire fixed assets, such as commercial real estate or machinery, may need the SBA 504 application package.
2. These business owners should meet the eligibility criteria set by the SBA, including being a for-profit business, having a tangible net worth below $15 million, and meeting the size standards for their industry.

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What is sba 504 application package?

The SBA 504 application package is a set of documents required for small businesses seeking long-term financing for major fixed assets, such as real estate or equipment, through the SBA 504 Loan Program.

Who is required to file sba 504 application package?

Small businesses that are seeking financing through the SBA 504 Loan Program are required to file the SBA 504 application package.

How to fill out sba 504 application package?

To fill out the SBA 504 application package, applicants must gather necessary financial documents, complete the required forms, and provide a detailed business plan along with supporting documentation as outlined by the SBA.

What is the purpose of sba 504 application package?

The purpose of the SBA 504 application package is to provide a structured process for small businesses to apply for long-term fixed-asset financing, ensuring that all necessary information is collected for evaluation.

What information must be reported on sba 504 application package?

The information that must be reported includes details about the business, financial statements, projected cash flow, collateral details, and the specific use of the funds being requested.