Application Checklist

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Existing Business Checklist for SBA 504 Loan

EXISTING BUSINESS DATA

  1. Brief Business History – of the company and management
  2. Financial Projections for Business – for the two years after the loan funds are put to work. These should be monthly projections.
  3. Listing of all Owners and their percentage ownership – include their full name, address, Social Security number and the percentage of the company they own, their salary and officer title.
  4. Current Financials on Existing Business – No older than 60 Days.
  5. Business Tax Returns – for the past three years
  6. Business Debt Schedule
  7. Copy of company’s organizational documents – depending on the structure of your company this could include: Articles of Incorporation, Bylaws, Certificate of Incorporation, Partnership Agreements, Articles of Organization, Operating Agreement. in addition to any amendments.

LOAN REQUEST

  1. Total Project Costs Breakdown
  2. List of Existing Machinery & Equipment-Collateral for Loan
  3. Estimates/Bids on Land, Construction & Furniture/Fixtures & Equipment
  4. Source of Owner’s Injection/Contribution toward the project – This is 10 – 20% of the project costs depending on how the SBA 504 loan is structured. The documentation needs to show where the owner(s) have the necessary cash to contribute to their project.

PERSONAL DATA – For Each One Owning 20%+ of the Business 

  1. Complete SBA Form 413 – Personal Financial Statement
  2. Complete SBA Form 912 – Statement of Personal History
  3. Detailed Experience Resume of owner and manager – Indicating Experience in Your Industry and General Management
  4. 3 Years Personal Tax Returns for Each Guarantor and/or 20% Owner
  5. Personal Tax Returns for Three Years for Each Guarantor and all Owners with 20% or more ownership in the business.

OTHER DATA 

  1. Tax Returns for two years and current financials on any Affiliated Company
  2. Any Pertinent Information to Support Project
  3. Indicate if any principal has ever filed for bankruptcy, if so provide a detail explanation and details of the bankruptcy dismissal
  4. Legible Copy of Driver’s License for all owners

 

New Business Checklist for SBA 504 Loan

NEW BUSINESS DATA

  1. Brief Business Plan – Any Supportive Material analyzing the Project
  2. Financial Projections for Business – first two years detailed by month including assumption information.
  3. Listing of all Owners and their percentage ownership – include their full name, address, Social Security number and the percentage of the company they own, their salary and officer title.
  4. Copy of company’s organizational documents – depending on the structure of your company this could include: Articles of Incorporation, Bylaws, Certificate of Incorporation, Partnership Agreements, Articles of Organization, Operating Agreement. in addition to any amendments.

LOAN REQUEST

  1. Total Project Costs Breakdown
  2. List of Existing Machinery & Equipment-Collateral for Loan
  3. Estimates/Bids on Land, Construction & Furniture/Fixtures & Equipment
  4. Source of Owner’s Injection/Contribution toward the project – This is 10 – 20% of the project costs depending on how the SBA 504 loan is structured. The documentation needs to show where the owner(s) have the necessary cash to contribute to their project.

PERSONAL DATA – For Each One Owning 20%+ of the Business 

  1. Complete SBA Form 413 – Personal Financial Statement
  2. Complete SBA Form 912 – Statement of Personal History
  3. Detailed Experience Resume of owner and manager – Indicating Experience in Your Industry and General Management
  4. 3 Years Personal Tax Returns for Each Guarantor and/or 20% Owner
  5. Personal Tax Returns for Three Years for Each Guarantor and all Owners with 20% or more ownership in the business.

OTHER DATA 

  1. Tax Returns for two years and current financials on any Affiliated Company
  2. Any Pertinent Information to Support Project
  3. Indicate if any principal has ever filed for bankruptcy, if so provide a detail explanation and details of the bankruptcy dismissal
  4. Legible Copy of Driver’s License for all owners

Please provide answers to the following questions: 

  1. Number of new employees created over the next 2 years and # of existing employees
  2. Mailing address and best phone number to reach you for all future correspondence