• The 504 Loan Program Step 1: Application and Approval

    Community Business Finance is proud to be an expert in the 504 Loan Program. Our knowledge and years of experience provide the foundation for a faster, easier financing process. In the interest of community education, we will explain the 504 loan process step by step.

    Your 504 loan will go through four stages during the loan process. Community Business Finance will navigate the entire process, from application through final funding, to make it as easy as possible for you.

    Step 1: Application and Approval

    504 Application - 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 What 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.

    First Lien Loan – 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.

    Approval - Community Business Finance obtains approval on the 504 loan package and arranges for SBA authorization of funds.

    Are you worried that SBA approval takes too long? We have good news. According to the SBA's website, "A credit decision on a complete loan package is usually made within ten working days after it is received by the SBA." In fact, the turnaround on approval can be as quick as 48 hours when all the right information has been gathered and submitted.

    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 and create a brighter economic future.

    Contact Community Business Finance 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.

    To Get Started fill out a short online form and a loan expert will contact you.

    You can also contact our offices:

    In Texas call Bill Ebersole at 713-457-1650, ext. 201, or email him at bill@communitybusinessfinance.com.

    In Louisiana, call Jeanne Bergeron at 1-800-462-1017 or email her at jeanne@communitybusinessfinance.com.

    Part 2: Initial Funding
    Part 3: Closing

    Part 4: Final Funding

    Share this post