SBA 504 Loan Approval & Documents
Business documentation |
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History and description of business |
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Last three fiscal year-end balance sheets and income/operating statements |
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Last three years of corporate tax returns |
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Names, addresses and three years of federal tax return statements for any subsidiaries and/or affiliates, if applicable |
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Current balance sheet and income/operating statement (not more than 90 days old) |
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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 |
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Disclosure statement that tells of previous SBA financing, previous bankruptcy or pending lawsuits |
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Copy of franchise agreement, franchisor's FTC Disclosure Statement; or License Cooperative, Membership, dealership or similar Agreement,if applicable |
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Aging of Accounts Receivable and Accounts Payable that coincide with current financial statement. |
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Request for IRS Transcript |
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| Management background information |
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Personal financial statements of owners of small business, as well as last three years of personal tax returns |
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Personal history statement (SBA Form 912) on all officers and directors |
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Resumes of all officers and key management of small business being assisted |
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Copy of Driver’s License for all persons who own 20% or more of the business or real estate |
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| Project documentation |
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Purchase Agreement for the land and/or building |
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Completed and executed Retainer Agreement, $1,500 application deposit and Certification page |
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Life insurance in the amount of the debenture may be required to be collaterally assigned to the SBA on all projects. (Note: not needed until loan closing) |
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Preliminary plans and specifications |
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Written cost estimates for the project |
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As-built appraisal of the project (NOTE: This must be ordered by the participating lender) |
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Commitment letter from the participating lender |
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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) |
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Copy of Environmental Analysis, addressed to the SBA (typically ordered by the participating lender), and Hazardous Waste License application (if applicable) |
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