Amid U.S. budget and economic uncertainty, the safe bet is to get your SBA-504 loan (to purchase a building) approved before Sept. 30. That’s when the SBA’s fiscal year ends and the fees associated with a SBA loan are likely to rise. There is also a possibility the availability of SBA funds may be reduced come Oct. 1.
CDC has committed to push for SBA approvals on all completed loan packages that we receive before the fiscal year ends. A complete loan package includes 3 years of business tax returns, 1 year of personal tax returns, a current financial statement dated within 90 days as well as the standard application.
For more information on SBA-504 financing and turning rent into equity, contact a CDC Loan Officer