Application Checklist

When applying for a 504 loan, you’ll need to provide the CDC and your lender with a very wide range of documentation. We have included the most commonly required documents below.

• Business tax returns for the previous three years

• Personal tax returns for the previous three years

• Personal history statement

• Personal financial statement

• Personal budget analysis

• Business financial statements for the previous three years

• Business debt schedule

• If you are applying for a loan for a hotel or motel, you will need:

  • Revenue and expenses breakdown for the past year (month to month)

  • Occupancy percentage and average daily rate information for the previous year (month to month)

  • Occupancy percentage and average daily rate for the area

  • Your hotel projection worksheet

• Interim financial statement (signed and dated, and including balance sheet and income statement dated within the previous two months)

• Accounts receivable aging (dated within the previous two months)

• Accounts payable aging (dated within the previous two months)

• Complete business plan

• One year of financial projections with assumptions

• Purchase agreement

• Written estimate from a contractor if the loan is for construction

• If this is a franchise, you will need a letter of intent from the franchisor and a FUOC and franchise agreement

• If you are buying another business, also include:

  • The business owner’s tax returns for the previous three years

  • Interim finance statement dated within the last 60 days

  • Signed purchase agreement with cost breakdown, amendments, etc.

• If you are using gift funds, you will need to provide a gift letter

• Previous government financing schedule

• Environmental impact questionnaire

• Application certification an authorization

• Documents pertaining to the ownership of other businesses and their finances (if applicable)

• Copy of loan agreement and SBA authorization if you have another SBA loan

• If you are refinancing a loan, you will need:

  • Copy of the original debt documentation

  • Your original purchase agreement, including settlement sheet, etc.

  • Lienholder information