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Applying for an SBA 504 Loan is as easy as applying for a conventional bank loan. Once your business has been "pre-qualified," the following information will need to complete the formal application process. The formal application process generally will involve the Lake Agassiz CDC staff working directly with your bank officer and you. Keep in mind that a majority of the information needed, will be provided through your bank officer.
CHECKLIST
Project Information
- Project Profile
- Purchase Agreement
- Construction Bid
- Equipment Quotes
Business Information
- History and Nature of Business
- Previous two years Financial Statements and Corporate Tax Returns
- Tax Transcript Request (SBA Form 4506-T)
- Interim Financial Statement (include aging of A/R and A/P)
- Two Year Proforma Income Statement
- Debt Schedule
Personal Information
- Personal Questionnaire
- Statement of Personal History (SBA Form 912)
- Personal Financial Statement (SBA Form 413)
- One Year Personal Tax Return
- Resume
Miscellaneous Information
- Corporate Organizational Documents for Borrowing Entity and Operating Company
- Schedule of Previous or Existing SBA Loans
- Affiliate or Subsidiary companies
(including two years financial statements and tax returns, and number of employees)
- Franchise Agreement
- New or Start-up Business must provide a detailed Business Plan that includes Monthly Cash Flow
- Analysis for three months beyond breakeven or at least 12 months
- Lease (Lease Guidelines)
Bank Information
- Bank Commitment Letter (sample)
- Appraisal
- Environmental Report (Environmental Questionnaire)
- Itemization of Soft Costs (include Professional Fees, Contingency, and Interim Interest)
- Credit Reports for all Owners
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