The GLCF team is second to none, and we have years of experience helping entrepreneurs through the SBA 504 Loan Application process.
Additionally, our loan officers personally assist our lenders and borrowers through the process to keep things moving. Below are some helpful “do’s and don’ts” that we have gleaned along the way to help make this process as smooth as possible.
- Engage GLCF as early in the process as possible. The application is a TEAM effort, and your GLCF loan officer will be the one working with you and your lender through the application process to take your business to the next level. The earlier we are involved, the better!
- Include SBA/GLCF as the intended user on the appraisal.
- Let GLCF and your bank know of your timeline and wishes for the project.
- Verify that any owner over 20% for either the real estate holding company and/or the operating company is willing to provide personal financial information and guarantee the SBA loan.
- Disclose any prior bankruptcies, pending lawsuits, or previous misdemeanors/felonies (even if dropped or expunged from your record).
- Provide information about any other companies that you have ownership in (potential affiliates).
- Share information about any franchise, dealership, licensing, supply, or other types of agreements that you have for your business.
- If you are buying an existing business, be sure you are able to obtain two years of tax returns and current financial information from the seller.
- Request an initial kick-off meeting with GLCF and your lender to ensure everyone is on the same page. GLCF will then do the hard work of guiding you through the application process and assisting as much as possible.
- Have your legal entities established early in the process.
- Get detailed bids of construction costs or equipment invoices.
- Get excited about eliminating uncertainty in this rising rate environment and locking in your interest rate for 10, 20, or 25 years!
- Leave your bank or GLCF hanging. We are here to help bring you to the finish line faster!
- Be vague (the more detailed information, the better).
- Leave out any project cost details.
- Change details about the project or companies after starting an application unless consulting with us first. You do not want to do something that will cause the project to be ineligible!
- Hesitate to ask questions – we are here to help!
- Forget to tell your friends about this awesome program!