Loan Approval & Documents

As part of the SBA 504 loan approval process, borrowers must provide the following documents to SPEDCO:

Business documentation

• History and description of business
• Last three fiscal year-end balance sheets and income/operating statements
• Last three years of corporate tax returns
• Names, addresses and three years of federal tax return statements for any subsidiaries and/or affiliates, if applicable
• Current balance sheet and income/operating statement (not more than 60 days old)
• Filed copy of Articles of Incorporation and By-laws, and/or Partnership Agreement and/or Limited Liability Company Organizational documentation, or Certificate of Assumed Name
• Disclosure statement that tells of previous SBA financing, previous bankruptcy or pending lawsuits
• Copy of franchise agreement, if applicable
• Aging of accounts receivable and accounts payable that coincide with current financial statement.
• Request for IRS Transcript

Management background information 

• Personal financial statements of owners of small business, as well as last three years of personal tax returns
• Personal history statement (SBA Form 912) on all officers and directors
• Resumes of all officers and key management of small business being assisted
• Copy of Driver’s License for all persons who own 20% or more of the business or real estate

Project documentation

• Purchase Agreement for the land and/or building
• Completed and executed Retainer Agreement, $1,500 application deposit and Certification page
• Preliminary plans and specifications
• Written cost estimates for the project
• As-built appraisal of the project (NOTE: This must be ordered by the participating bank)
• Commitment letter from first mortgage lender
• Two years' projections of earnings showing the effect of the proposed project (plus a month-by-month statement of cash flow for a new business)
• Copy of Environmental Analysis, (addressed to the SBA), and Hazardous Waste License application (if applicable)