Everything You Need to Know About the 504 Loan Program

Community Business Finance is thankful for the opportunity to offer affordable financing to small businesses in Texas and Louisiana. Our mission is to encourage economic development, and we are dedicated to borrower education about the underutilized 504 Loan Program. As a dynamic resource for our communities, we have created a library of information to help borrowers understand the 504 Loan Program and prepare them for a successful loan outcome.

Everything You Need to Know to Prepare for a 504 Loan

Community Business Finance's mission is to encourage economic development throughout Texas and Louisiana. In carrying out this mission, we are dedicated to borrower education and seek to inform businesses about the underutilized 504 Loan Program. As a dynamic resource for our communities, we have created a library of information to help borrowers understand the 504 Loan Program and prepare them for a successful loan outcome.

Your Personal Tax Return Impacts Your Business

By the end of every January, mailboxes are filled with envelopes stamped "important tax documents enclosed." These notices mark the official start of tax season. This year, personal income taxes for 2016 are due on Tuesday, April 18th. While that date may seem far off, it is never too early to start preparing.

We Are Your 504 Loan Resource

Community Business Finance's mission is to encourage economic development throughout Texas and Louisiana. In carrying out this mission, we are dedicated to borrower education and seek to inform businesses about the underutilized 504 Loan Program. As a dynamic resource for our communities, we have created a library of information to help borrowers understand the 504 Loan Program and prepare them for a successful loan outcome.

Choosing the Right CDC Makes a Difference

Just like no two businesses are exactly the same, every Certified Development Corporation is different. A CDC is a nonprofit organization certified by the SBA to provide 504 loans to small businesses. Under the 504 Loan Program, a CDC partners with another lender to share the total financing for a loan. Both partners make a loan to a qualifying small business. Therefore, choosing the right CDC can make a huge difference in your loan process experience.

Stop Selling Yourself Short to Lenders

Winston Churchill said notably, "Attitude is a little thing that makes a big difference." Too often, business owners approach lenders with an indifferent attitude about their company. When applying for any business loan, you should present your best qualities to lenders. In other words, you should sell lenders on the idea that your business is a great candidate for a loan. After all, no one knows your business better than you do!

Understanding Credit Reports vs. Credit Scores

When seeking a business loan, your company's credit health is one of many factors a lender will review. However, you may not know that, as a borrower, your personal credit score matters as well. Every individual that is a personal guarantor on a 504 loan must submit his or her personal financials to assess the perceived level of risk for the lender. This assessment includes personal credit scores.

Pages