Alabama - Apply 504 Loan (SBA)

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Procedure

Apply In Person

1. To Apply 504 Loan (SBA), the applicant has to approach the U.S Small Business Administration link

   NOTE: Enter the Zip Code and click the “Search” button to check the regional address.

2. 504 loans are available exclusively through Certified Development Companies (CDCs). First, the applicant has to ensure that they are dealing with a qualified lender.
3. Find the regional Certified Development Companies address from the following link

   NOTE: Enter the Zip Code and click the “Search” button to check the regional address.

4. Then the applicant has to prepare and assemble the 504-loan authorization package, using the zip file provided in the Authorization File Library
5. The applicant also has to fill the application form for 504 loans, it can be downloaded from the following application form
6. The applicant has to enter all the necessary details in the application form.
7. All the necessary documents that are mentioned in the “Required Documents” section of this page have to be provided. The photocopies of the required documents have to be attached.
8. Once completed, the applicant should submit the Form and the documents to the U.S Small Business Administration’s certified development company office.
9. The Fee for this procedure has to be paid as per the authority’s request.
10. Once all the verification is done by the authority, the applicant receives a notification through a mail.
11. After approval, the applicant can collect the documents by visiting the office within a month and the loan will be sanctioned.

NOTE:The applicant can check the SBA operating status details in the following link

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Required Documents

• Completed form link / authorization package link
• For more details about required documents link

Office Locations & Contacts

U.S Small Business Administration
Phone - 800-827-5722
Help desk mail - [email protected]
Timing - Monday-Friday 9:00 a.m. to 6:00 p.m. ET.
Contact details link
U.S Small Business Administration in California link

NOTE: Enter the Zip Code and click the “Search” button to check the regional address.

Eligibility

To be eligible for a 504 loan,

• The applicant must have a substantial net worth of less than $15 million.
• The applicant’s company runs as a for-profit company in the United States or its belongings.
• The applicant must have an average net profit of less than $5 million after federal income taxes for the two years previous to their application.

For more details link

Fees

• The fee for this procedure has to be paid as per the authority’s request.
• Check the payment options link

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

• 504 loan Application form link
• Authorization package link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time for this procedure is up to one month.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicants must complete the application form before submitting it. Incomplete applications will not be accepted.
• Applicants must provide genuine information while applying for this procedure.

Required Information

• Name
• Nationality
• Date of Birth
• Gender
• Residential Address
• Residential No
• Mobile No
• Email Address

Need for the Document

• The 504 loans scheme provides extended, fixed rate funding of up to $5 million for major fixed anchored assets that elevates the growth of business and job creation. These loans are obtained through Certified Development Companies (CDCs) and SBA's community-based partners who manage non-profits and elevate economic development inside their communities.

Information which might help

504 loans can be used for

• Buying of New facilities and Long-term machinery and equipment.
• Construction of Existing buildings or land.
• Modernization of Land, streets, utilities, parking lots and landscaping and other existing facilities

504 loans cannot be used for:

• Payback or refinancing debt.
• Purchase of business assets.
• Investing in real estate.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

More information which might help people.