Project |
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Fully completed SBA 504 application. |
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Executed purchase agreement for land and/or building. |
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Construction bids and/or equipment list (purchase invoice(s)). |
Business |
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History and description of business (business plan). |
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Current balance sheet and income/operating statement (not more than 120 days old from application date) for the Operating Company (OC). |
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Accounts receivable and accounts payable agings coinciding with current financial statement. |
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Debt schedule, coinciding with current financial statement, detailing all obligations for the OC. |
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Last three fiscal year-end balance sheets and income/operating statements and completed signed copies of past three years' income tax returns for the OC. |
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Request for IRS transcripts (SBA form 4506T for OC and owners). |
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Any business in operation less than two years must provide two years of projections of earnings showing the effect of the proposed project plus a month-by-month statement of cash flow. |
Business Misc. |
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Filed copy of Articles of Incorporation and By-laws, and/or Partnership Agreement and/or Limited Liability Company Organizational documentation or Certificate of Assumed Name |
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Employer identification number/Tax identification number for the real estate holding company and/or OC. |
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Names, addresses and last fiscal year-end statements of any subsidiaries and/or affiliates, if applicable. Copy of signed franchise agreement, if applicable. |
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Copy of new lease between OC and real estate holding company, if applicable (sample lease which satisfies SBA requirements). |
Personal |
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Personal financial statements (SBA Form 413; not more than 90 days old from application date) |
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Complete and signed copies of the past three years' tax returns, including all W-2's, schedules and K-1's from all owners of the OC. |
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Resumes of all officers and key management of the OC. |
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Personal history statements (SBA Form 912) from all officers of the OC. |
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Assignment of life insurance policy as collateral on key owner(s) of the OC. |
Lender |
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Commitment and credit elsewhere letter from first mortgage lender. |
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Credit reports for all owners. |
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Copy of lender's credit presentation/memo. |
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Appraisal of project (NOTE: this must be ordered by participating lender). |
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Environmental investigation (phase I, phase II, transactional screen analysis or environmental questionnaire). |
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Itemization of soft costs (include professional fees, contingencies and interim interest). |