3 Mistakes That Could Keep You From Getting a 504 Loan

Community Business Finance's mission is to help businesses realize their dreams. Since 2005, we have approved more than 200 loans for a total of over $150,000,000. We have the experience and knowledge to assist you with the 504 Loan Program and increase your chances of a successful loan process.

Our experts have identified 3 mistakes that borrowers make during the application process and offer a few tips to help you avoid them.

504 School: What You Need to Know About 504 Loans

If you have questions about Community Business Finance’s 504 Loan Program, we have the answers in our 504 School. In one easy place, you will discover a wealth of information regarding the 504 Loan Program and how it can help you achieve your business dreams. We also offer tools and applications to simplify the loan process and get you started towards your financial goal.

How are 504 loans structured?

SBDCs Are a Powerful Ally for 504 Loans

It is no secret that knowledge is power. Search engines return hundreds of quotes about this fundamental truth. Obviously the more information you have, the better prepared you are for whatever you encounter in life, especially in business. Business owners seeking 504 loan financing for expansion or starting a business have a powerful ally in Small Business Development Centers (SBDCs). A well-prepared applicant greatly improves their chances of success.

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.

Exposing the Myth: 504 Loans Take Too Long

There is a prevailing myth that an SBA 504 loan takes too long to prepare and process. While it is true that in the past the SBA was bogged down with laborious paperwork and sluggish processes, many things have changed. The SBA has worked intently to speed up their processing times and reduce their paperwork. The agency has invested in the technology to become more efficient and responsive. They really do want to make it easier to provide borrowers with the capital they need to promote economic growth.

SBDCs Are a Great Resource for 504 Loans

Previously on our blog, we have detailed the steps in preparing for a 504 loan. We identified the crucial information needed for a successful application and outlined the elements of a solid business plan. However, you might not know that there is an extensive network of Small Business Development Centers eager to assist you in gathering and understanding the information necessary for our 504 Loan Program. Even more exciting, consulting services are free of charge and training services cost very little.

Improve Your 504 Loan Outcome with Community Business Finance

Whether your business needs a new office space or manufacturing equipment, securing a loan is often the first step. Finding the right lender and the right loan for your business can be confusing and exhausting. Fortunately, Community Business Finance offers the 504 Loan Program which will help you expand your operations.

SBDCs Can Improve Your SBA 504 Loan Outcome

Previously on our blog, we have detailed the steps in preparing for an SBA 504 loan. We identified the crucial information needed for a successful application and outlined the elements of a solid business plan. However, you might not know that there is an extensive network of Small Business Development Centers eager to assist you in gathering and understanding the information necessary for your 504 loan. Even more exciting, consulting services are free of charge and training services cost very little.

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 SBA 504 loans from fear of endless forms. Fear not! The SBA has taken great strides in reducing the number of forms needed to apply for a loan.

Exposing the Myth: SBA 504 Loans Take Too Long

There is a prevailing myth that an SBA 504 loan takes too long to prepare and process. While it is true that in the past the SBA was bogged down with laborious paperwork and sluggish processes, many things have changed. The SBA has worked intently to speed up their processing times and reduce their paperwork. The agency has invested in the technology to become more efficient and responsive. They really do want to make it easier to provide borrowers with the capital they need to promote economic growth.

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