Are you interested in the 504 Loan Program but unsure about what is involved? Community Business Finance's four-step loan process makes getting a 504 loan easier to understand. Our loan experts will navigate the entire process, from application through final funding, to make it as painless as possible for the borrower.
In the first part of this four-part series, we will explain the application and approval process. For even more information, visit our 504 School (link: /504-school).
Step 1: Application and Approval
What You Need - To help you get started, our loan underwriter assembles the company, financial and personal information required for your application and SBA loan package. We have gathered a list of information you need, including tips on writing a business plan.
Are you worried that the SBA requires too much paperwork? We have addressed this myth on our blog. The SBA requires almost the same paperwork as a conventional loan, and you'll have the expertise of our loan underwriters to help you get the right information.
Your Chosen Lender - At the same time we are preparing your SBA loan package, your bank secures approval of the first-trust-deed portion of your finance package. Because our loan officer and processor coordinate closely with your bank, partnering with Community Business Finance from the start prevents costly delays by avoiding process duplication.
Are you having trouble securing a lender? Community Business Finance has relationships with a variety of lending institutions. We know which lenders are willing to finance more speculative projects and which industries appeal to certain lenders.
Getting Approval - Community Business Finance obtains approval on the 504 loan package and arranges for SBA authorization of funds. Partnering with Community Business Finance keeps everything on track and avoids missteps that may hinder the loan process. Our attention to detail is why we have a proven history of faster approvals and faster loan turnarounds. We bring the right people together to create a partnership whose mission is to make your business dreams come true.
Contact our offices today to see why our 504 Loan Program is the right choice for your business financing, and why we are the right lending partner to build your business dreams.
In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at firstname.lastname@example.org.
In Louisiana, call Jeanne Bergeron at 1-800-462-1017 or email her at email@example.com.