How much can I qualify for a SBA 504 loan?
Have a tangible net worth of less than $15 million. Have an average net income of less than $5 million after federal income taxes for the two years preceding your application.
Can I buy a business with 504 loan?
While the funds cannot be used to directly purchase a business, a 504 loan can be the better choice if the business being acquired includes an asset purchase. Unlike the variable interest rate of a 7(a) loan, the 504 Loan Program offers a fixed-rate loan with a down payment of as little as 10%.
Can I use SBA disaster loan to buy a car?
Personal Property Loans cover only uninsured or underinsured property and primary residences in a declared disaster area. Personal Property Loans can be used to repair or replace clothing, furniture, cars, or appliances damaged or destroyed in the disaster.
What can a SBA 504 loan be used for?
An SBA 504 loan can be used to purchase land and existing buildings, to pay for property improvements and renovations, or to build a new facility. Additionally, SBA 504 loans can be used to finance other fixed assets, such as equipment and machinery, or to refinance debt that was used to acquire fixed assets.
What are the SBA 504 loan appraisal requirements?
Two years of business history
Does the SBA 504 loan require a business plan?
Certainly the SBA website offers extensive resources on writing a business plan. However, while you will need a few basic financial documents, a business plan is not required when you apply for a 504 loan.
Can I prepay my SBA 504 loan?
Yes, you may prepay your SBA 504 loan, however SBA 504 loans are funded differently than conventional bank loans and therefore have different payoff terms. Loan assumption may be a possible alternative to loan payoff depending on your situation. Please contact Capital Access Group immediately if you are considering loan payoff or assumption.
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