Posts tagged SBA 504 Eligibility
Are There Prepayment Penalties with an SBA 504 Loan?

Consumers have received greater protection against prepayment penalties on mortgage loans in the past few years. However, the same protections do not extend to small business owners. The simple answer to the question of whether or not there are prepayment penalties with an SBA 504 loan is yes, there are. However, it’s not actually quite so clear cut.

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Can Franchises Benefit from an SBA 504 Loan?

It may seem like franchises would not be a good fit for an SBA loan, but that is actually not the case. Many franchises can qualify for an SBA loan, primarily 7(a) and 504/CDC loans. With that being said, not all franchises will qualify.

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Can a Non-Citizen Apply for an SBA 504 Loan?

The answer to the question posed above is both; “it depends.” While non-citizens can apply for an SBA 504 loan, as well as for other SBA loan options, it is not a clear-cut, straightforward situation. In short, only some non-citizens are eligible to take out an SBA-backed business loan.

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How Can I Improve My Business Credit for an SBA 504 Loan Application?

As we’ve mentioned elsewhere on this site, you should have a credit score of 680 or higher if you want to apply for a 504 loan. That can be challenging for small businesses. Thankfully, there are ways that you can improve your credit and make your business a better funding candidate while reducing the level of risk for lenders.

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What are the Job Creation Requirements of the SBA 504 Loan Program?

504 loans exist to help small businesses grow and expand. However, they are not available to all companies. In order to qualify, you must meet specific requirements. In general, this means that you need to create a specific number of jobs based on the amount of the loan. However, that’s not always the case. In this article, we’ll discuss what borrowers need to know about the job creation, public policy, and community development requirements for the SBA 504 loan program.

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