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The SBA 504 Loan Program is for fixed-asset financing. This loan is not intended to be a general, whatever your business needs, type of loan. In fact, proceeds from an SBA 504 loan cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing. It can be applied to these specific needs:
- Purchase of Land and Improvements, including existing buildings, modernizing, renovating or converting existing facilities
- New Construction
- Purchase of Build-to-Suit Facilities
- Purchase of New Long-Term Machinery and Equipment (with a useful life greater than 10 years)
Not every small business qualifies for this loan. An SBA 504 loan is for businesses that are:
- An operating, for-profit business, organized as a Corporation, Sole Proprietorship, Partnership, LLC, etc.
- Located within the U.S.
- With affiliates, have a tangible net worth of less than $7 million and profit after tax of less than $2.5 million
Once the basic eligibility criteria are met, we’ll evaluate the credit-worthiness of your business. Typically, the following information is requested in order to pre qualify a project:
- Three years Corporate Tax Returns and financial statements (Schedule C’s in the case of a sole proprietorship)
- Personal Financial Statement(s) and three years Individual Tax Returns on owners of 20% or more of the company
- Interim Financial Statement, no more than 90 days old
Still not sure if you qualify? Feel free to call us. We’re more than happy to answer all your questions.
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