What Is the SBA 504 Loan Application Process?
The SBA 504 loan application process is actually relatively simple. Before applying, however, borrowers should make sure that they meet the eligibility requirements for 504 loans. Other steps include finding a CDC as well as choosing the lender that will contribute the other part of your loan proceeds. To help you better understand the SBA 504 loan application process, we’ve created an easy, step-by-step list:
Make sure you qualify for the 504 loan program. You can learn more with the SBA.
Find a CDC. Your local SBA office can help you connect. OR, you can find an SBA-approved lender.
Complete the pre-qualification process with your lender/CDC.
Get all of the required paperwork together. Your CDC can help you determine what paperwork is necessary.
Complete the loan application, and all other required forms, and finalize the terms of your loan.
Find a lender if you have not already done so.
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