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Convinced that a 504 loan is best option to assist your company develop and you will prosper? In this case, then next step is to apply for a loan. While this might seem complicated, it doesn’t must be. We’re going to split it into a few easy steps and work out they convenient on you.

We’re not the small Company Administration and are usually maybe not a beneficial lender

Ensure Eligibility: The very first thing you should do is be sure that you meet the criteria toward system. Observe that there are quite a few reasons for having disqualification, and additionally defaulting towards the college loans because of the a primary owner from inside the providers, criminal background, managing way too many assets, and you will less than perfect credit.

Look at the Borrowing from the bank: Remember that the latest SBA doesn’t have borrowing standards. Yet not, the lender that you run commonly. We explore borrowing about part of this site seriously interested in SBA 504 mortgage rates.

You should come across often a loan provider that gives 504 finance, or a CDC near you which can hook up your that have instance a loan provider

Pre-qualification: Early doing their SBA loan application, you ought to get prequalified. Your own CDC otherwise financial is going to do so it for you. So you’re able to prequalify your, the CDC requires:

Decide on You buy: On pre-qualification at your fingertips, you can begin looking at pick choice, vetting builders, comparing equipment selection, and much more.

Finish the Software: Once you’ve decided on what you’re to buy and possess been prequalified, you could begin the application form process. Continue reading →