• Exposing the Myth: SBA 504 Loans Have Too Much Paperwork

    When you think of government agencies, such as the SBA, you probably imagine mountains of paperwork. In fact, many lenders actively avoid promoting 504 loans from fear of endless forms. You should know that the SBA has taken great strides in reducing the number of forms needed to apply for a loan.

    SBA Administrator, Karen Mills declared, "Our turnaround time for loans is 10 days. The paperwork is actually not very much, and we have taken it down." In fact, the SBA typically doesn't require any more forms or information than do commercial lenders. Copies of this information can then be electronically shared between the CDC and the third party lender.

    Being prepared is crucial when looking for any business financing. Community Business Finance can help your business gather the right information and prepare the documentation for the SBA early in the process. Our loan officer and processor coordinate closely with the third party lender to avoid process duplication. This moves the application along more quickly.

    We have tips for preparing for our 504 Loan Program, as well as creating a business plan. There is no reason to be intimidated by the paperwork for a 504 loan. It usually amounts to 10-15 minutes of extra effort versus a straight commercial loan. Don't believe the hype that 504 loans take too long, either. We've exposed that myth too.

    Choosing the right partner for your 504 loan will make the process faster, easier and less expensive. Contact Community Business Finance to learn the facts about our 504 Loan Program and why we are the right partner for your financial future.

    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.

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