Getting Started

The Timeline

1. Submit below items to 504 Corporation. After the credit write-up is completed by staff, about 3-5 days, the credit is emailed to the Board. The Board responds about 5 days after receipt of the write-up.
2. If the Board approves the loan request, the 504 application is overnighted to SBA.
3. SBA reviews the application and faxes their decision (normally 3 to 5 business days).

Items needed for 504 Corporation Board Review:

• Loan Application
• SBA Form 912 Personal History Statement for officers, directors, owners and guarantors.
• History and Description of the Business (i.e.; market, products, competitors, trends, management, etc.)
• Balance Sheet & Income Statements and Federal Tax Returns for the last 3 years
• Interim Balance Sheet & Income Statement dated within 90 days
• Personal Financial Statement (within 60 days) and Federal Tax Returns for the last 2 years for each owner and guarantor. May use own form, bank form, or SBA Form 413.
• Resume (form attached to end of application) for each owner & key manager
• Projected Income Statement, Balance Sheet and Assumptions for the first 2 years
• Bank Commitment Letter
• Business Plan required for start-up and businesses with significant changes. (Include Proforma Balance Sheet, Income Statements, and Monthly Cashflow for the first 12 months including assumptions)
• Affiliate & Subsidiary businesses’ last two year-end financial statements and/or Federal Tax Returns for the last three years along with current financial statements
• Copy of the Franchise Agreement/Franchisor’s Disclosure Statement & other significant licensing agreements (if applicable)
• Cost Documents including land purchase agreement, architect’s estimated costs or contractor bids, quotes for machinery & equipment, etc.

**Financial Statement and Tax Returns must be signed with title and dated**