To be eligible for an SBA 504 Loan “Pre-qualification” the following elements need to be considered:
ELIGIBILITY CRITERIA
Legal entity- corporation, partnership, sole proprietor, limited liability corporation or partnership
Be organized for profit
Be located in the United States
Be “small” under the program size standards
Net worth not greater than $15 million and net profit not greater than $5 million. (Can use 7a size standards as an alternative)
Owner-user of the project being financed must occupy at least 51% of the property for an existing building or 60% of a newly constructed building.
ELIGIBLE USES OF AN SBA 504 LOAN
The purchase of an existing building
The construction of a new building
Renovation or remodeling of an existing building
Capital equipment Purchases
Land acquisition and land improvements
Associated costs such as title and insurance, legal fees, appraisals, environmental reports, architects fees, surveys, equipment installation, furniture and fixtures.
Loan funds may NOT be used for working capital, mortgage broker fees, and bridge loans during the construction period, business inventory, rolling stock (i.e. trucks).
If you feel that your business meets these basic eligibility requirements and you are interested in receiving more information about the SBA 504 Program, please contact us or fill out the following form to get your “Pre-qualification” process started. The “Pre-qualification” process will take less than 2 business days. Keep in mind that although your business may become pre-qualified, this does not guarantee that your business will be approved for an SBA 504 Loan.