Provide a professional resume.  If you don’t have one most CDCs will provide a fillable form to complete.

Please note that the personal financial statement needs to be signed by both you and your spouse even if they are not associated with the applicant’s business.

Please provide a copy of your personal federal tax returns, including all schedules, for the past two years. If your most recent year is on extension, please provide a copy of that tax extension along with the two prior years of complete tax returns.

Provide management prepared interim financial statements for the operating company. Please be sure to include both a balance sheet and a profit & loss statement.   These need to be dated within the last 90 days. 

CDC will usually provide a debt schedule as form to complete as part of the SBA 504 loan application.   The form should show all outstanding debt on the balance sheet of the operating company including principal amount, interest rate, maturity and payments.

If applicable small business applicants may need to submit the AP and AR Agings that correspond with the current interim financial statements provided for the operating company

SBA requires that CDCs certify that all owners of the EPC or OC are either natural born citizens or Lawful Permanent Residents (LPRs). If any owner is classified as a LPR, we must be provided with their USCIS # that is listed on their Lawful Permanent Resident Card (also referred to as “Green Card”).

If your project involves expansion or your business is a start-up you as part of your SBA 504 application you will need to provide a Projected Income Statements (broken out by month).

3 years of tax returns (including all schedules) for any real estate holding company being used as part of this project (if applicable).

If your most recent year is on extension, please provide a copy of that extension. 

Include an Interim financial statement for any real estate holding company being used as part of this project (if applicable). Please be sure to include both a balance sheet and a profit & loss statement.

ICDC will usually provide a debt schedule as form to complete as part of the SBA 504 loan application.   The form should show all outstanding debt on the balance sheet of the real estate holding company (if applicable) including principal amount, interest rate, maturity and payments.

Other businesses you own may be considered affiliate businesses to the operating business.   If a business is considered an affiliate a borrower may need to provide additional information on those affiliates in order to complete the SBA 504 applications.

SBA considers any of the examples below to create affiliation:

• Applicant owns more than 50% of another business, Applicant and other business are affiliated.
• When another business owns more than 50% of the Applicant, the other business and the applicant are affiliated.
• If a business owns more than 50% of the Applicant owns more than 50% of another business that operates in the same 3-digit NAICS (known as a subsector), then all three businesses are affiliated.
• If an individual owns more than 50% of the Applicant and owns more than 50% of another company that operates in the same subsector (3-digit NAICS), then Applicant and the other business are affiliated.
• If there are no ownership interests greater than 50%, then any business that owns at least 20%, and operates in the same subsector, is affiliated with the Applicant.
• If there are no ownership interests greater than 50%, then if any owner of 20% or more of the Applicant also owns 50% or more of another company operating in the same subsector, the Applicant and the other business are affiliated.
• SBA combines the ownership of individuals with their spouse and minor children to determine full ownership interest to see if they exceed the 50% or 20% mentioned above.

For each closely held business regarded as an affiliate, please provide the following:

• Business Tax Returns for the last two fiscal years (If the most recent tax return has been extended, please provide a copy of the extension, along with a company or CPA-prepared balance sheet and profit & loss statement for the extended period.
• Business Debt Schedule 

The Independent Appraisal Report is almost always ordered by the senior lender.   The intended user should be the CDC, the SBA and the Senior lender.   PLEASE NOTE that borrower ordered appraisals cannot be accepted.

All SBA 504 loan applications require an Environmental report generally ordered by the Senior Lender.   

Please note that the environmental assessment needs to be less than 12 months old in order for it to be acceptable by SBA.

As part of the debt refinance, SBA allows for a portion of loan proceeds to be used to cover certain Eligible Business Expenses (EBE) that will become due for payment within the next 18 months.

 Eligible Business Expenses include accrued expenses such as:

• Salaries
• Rent
• Utilities
• Inventory
• Other Non-capital expenditures (advertising, insurance, accounting, etc.)

If you intend to cash-out refinance prepare an itemized budget indicating which Eligible Business Expenses the business expects to pay over the next 18 months with loan proceeds. 

To complete the SBA 504 loan application you’ll need to provide entity formation documents for the Real Estate Holding Company (if applicable):

• Filed Articles of Incorporation or Certificate of Formation
• Bylaws
• Company / Operating Agreement
• IRS Form SS-4 with tax ID number
• Assumed Name Certificate (filed with state), if applicable

If the SBA 504 applicant’s business is a franchise the CDC wil need copies of all executed franchise documents.

Additionally, depending on the franchise, the attached SBA Form 2462 may need to be executed by the applicant business and the franchisor.