The following items are needed to file an SBA 504 loan application. Please contact the MCDC as soon as possible to see if your project qualifies.
- A history and description of the business.
- Tax returns for last 3 years. Please provide financial statements also, if available.
- Interim financial statements dated within last 120 days.
- Projected income statement for two years after the loan (If new business or inadequate historical cash flow).
- Proforma Balance Sheet (If new business).(sample form)
- Monthly cash flow analysis for first 12 months of operation (If new business).
- Business schedule of existing debt dated same day as interim financial statement.(form)
- Franchise agreement (if franchise) and necessary addendums.
- Two years of financial statements and/or tax returns for any affiliate business.
for each 20% or more owner or guarantor *
- Copy of the most recent personal federal tax return.
- SBA Application Form Part B (Form 1244 - Part B)
- Personal Financial Statement no more than 90 days old (SBA form 413)
- Credit Reports no more than 90 days old
- Schedule of Previous SBA financing (form available if applicable)
- If borrower is not a U.S. citizen, photocopies of both front and back of resident alien's original documentation and signature on this (form).
Real Estate Information
- Real Estate Purchase Agreement or settlement statement.
- Construction cost budget and/or equipment invoices.
- Existing Environmental studies
To help the government fight the funding of terrorism and money laundering activities. Federal law requires all 504 lenders (Certified Development Companies) to obtain, verify, and record information that identifies each person who applies for a 504 loan.
When you apply for a 504 loan, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.