SBA 504 Loan Application
The following list of items are required to begin the processing of your loan application. Please provide in detail the items below in
order to expedite your request. Your loan will not be processed until all items are completed and the information can be
downloaded into our loan processing system. Your cooperation in completing the items below will reduce your processing time.
PeopleFund CDC Application, Loan Disclosure, along with a 1% deposit of the loan requested not to exceed $2,500. This
deposit is provided after the participating bank/lender has approved your loan and is ready for the CDC to start processing
your application. Our application will be available at along with the forms needed in draft.
If you have not identified a participating bank/lender, we cannot begin processing your loan. PeopleFund CDC may assist
in the identification of a participating lender for a 1% fee. This fee is allowable under 13CFR120.926 and will be based on a
contractual agreement between the third party lender paying the referral fee and the CDC and is not paid by the borrower
or funded from the debenture proceeds. This fee is paid at the time of your bank/lender loan closing.
A copy of driver’s license from each principal of the applicant company.
Detailed history and description of the business and expected benefits of the proposed loan. Please provide us with your
story so we can accurately tell the U.S. Small Business Administration how their program helped you succeed. This will also
aid us in learning more about your business.
Personal history statement (SBA Form 912) for each officer and director (regardless of ownership) and each proprietary,
partner, and stockholder with 20% or more ownership of the small business concern and if different, each owner with 20%
or more ownership of the eligible passive concern. Please see attachment for SBA form 912. You complete by hand and we
will enter it into the SBA loan management system.
Personal financial statement (SBA form 413) and cash flow current within 90 days for each proprietor, partner, or
stockholder with 20% or more ownership of the small business concern and if different, each owner with 20% or more
ownership of the eligible passive concern, as well as copies of federal income tax returns for the last one year
(including all attachments such as the K-1’s and W-2’s)
A balance sheet and income statement as well as federal income tax returns for the previous three years for the
business concern . If the small business concern is a new
business, provide a proforma balance sheet with a
description of assumptions used.
A balance sheet and income statement dated within 120 days of the application together with the aging of the accounts
receivable and accounts payable listed.
Where appropriate, a projected, annualized income statement for the first two years after the loan with a description of
assumptions attached.
For a new business, a monthly cash flow analysis for the first 12 months of operation or for three months beyond
breakeven point (whichever is longer) together with a description of assumptions attached.
A schedule of debts which includes the original date and amount, monthly payment, interest rate, present balance
owned, maturity, to whom payable, and collateral securing the loan for each short-term and long-term loan that the
business currently has outstanding our has planned for the next 12 months (other than the 504 loan). Please indicate
whether each loan is current or delinquent.
A schedule of any previous government financing received by the applicant small business concern or any affiliated
company of the applicant as well as any associate (as defined by CFR 120.10) or principal of the applicant. Include the name
of the agency, the original date and amount, the outstanding balance, the status of the loan (current, delinquent, paid in
full, or charged off) and collateral securing the loan.
The names of affiliated (through ownership or management control) or subsidiary businesses as well as the last three
year-end financial statements and/or federal income tax returns for the last threeyears .
If the business is a franchise, include a copy of the Franchise Agreement and the Franchisor's Disclosure Statement that is
required by the Federal Trade Commission.
A copy of key cost documents such as contractor costs, estimates, vendor quotes for machinery and equipment, etc.
well as an itemized listing of estimated "professional fees”.
If applicable, a copy of the existing or proposed lease agreement.
An independent appraisal for project real estate will be required but not at this point of the application. The appraisal
review and approval is part of the overall processing procedure. Usually, the participating bank/lender will order the
appraisal and will instruct the appraiser to include PeopleFund and the U.S. Small Business Administration as additional
users of the document.
Environmental analysis, if applicable. Depending on the type of real estate project being considered, there will be a
requirement for an analysis to be conducted. We will let you know the extent of analysis required at the appropriate time.
Personal and business bank statements (3 most recent months).
A letter from the participating lender stating the terms and conditions of its participation and the reason why it will
finance the entire project. When you or the certified development company have identified a participating bank, we
discuss the appropriate SBA rules so that a satisfactory approval letter may be provided. This item is not required for
SBA loan package until the bank/lender has approved their participation.
Resume or Management Profile Sheet for each member of management and key employees.
USCIS verification of the USCIS status of any alien who is an owner of 20% or more of the small business applicant or any
person who controls (as defined by SBA regulations and policies) the small business applicant.
Organizational documents.
A completed SBA Form 159 (504) (Fee Disclosure Form and Compensation Agreement) for costs incurred by the applicant
to third parties (attorney, accountant, etc.). Exhibit 23. (Submit only at loan closing.)
Copies of most current debt and lien instruments and transcript of account or equivalent for any debts being refinanced
and certifications required for refinancing.