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Last updated on Oct 18, 2022
2 min read

Application Checklist

We’ve provided an easy-to-understand application checklist for the SBA 504 loan, detailing the most commonly required paperwork and documentation necessary for borrowers.

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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

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