Existing Borrowers
Your business is important to you, so it is important to us. If you have questions about your existing SBA 504 loan with us, call us for the answers - we are here for you!
We can help you with:
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balance inquiries
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drafting a new account for loan payments - ACH
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loan repayment history
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annual statements - 1098
Other helpful Q&A's:
How long do we need to stay in the building?
The Operating Company must occupy the Project Property during the full term of the loan (51% if existing building; more if new construction).
What are the insurance requirements for this loan?
Hazard insurance coverage (and flood if applicable) on the Project Property must be maintained. The amount should be full replacement cost and must contain a mortgagee clause in favor of the SBA and the CDC. The policy must provide for 10 days notice prior to cancellation. Also, any insurance required by state law such as workers' compensation, liability and malpractice insurance.
Do we need to submit financials?
Financial Statements and/or Tax Returns are required on all parties to the transaction on an ongoing basis and should be submitted after 90 days of your fiscal year end.
