Statewide - Fast 504 Loan
We help speed up the process to help get your 504 Loan FAST!
The SBA 504 Loan Program is a low cost, fixed rate loan program intended for owner-occupied commercial / industrial property purchases and new construction. This highly successful U.S. Small Business Administration (SBA) loan program is offered through a partnership program between a Certified Development Company (CDC) and a participating private lender (most often a bank). California Statewide CDC partners with a wide range of leading lenders to make the SBA 504 Loan Program available to businesses throughout California.
How is an SBA 504 Project Structured?
The participating lender (bank) typically finances 50% of the total project cost through a first deed of trust loan. California Statewide CDC provides second deed of trust financing for up to 40% of the total project cost with an affordable, long term fixed rate, fully amortizing SBA-backed loan. The borrower typically puts down as little as 10% of the total project cost.
How do I get Started?
Prequalification is the first step in obtaining SBA 504 financing for your project. To perform a prequalification, we request the following information.
- Three years corporate/company tax returns (Schedule C’s in the case of a sole proprietorship)
- Interim (current year) financial statements (no older than 60 days)
- Personal financial statement(s) "Click Here" for form (from owners of 20% or greater of the business)
- Three years individual tax returns (from owners of 20% or greater of the business)
- Schedule of business debt "Click Here" for form
- Description of property and building improvements (if applicable)
- Contact your SBA loan expert to get started "Click Here"