Application for Section 504 Loans - SBA Form 1244
This document is the SBA Form 1244 for Section 504 Loans, designed for small business owners seeking financial assistance. It guides applicants through the eligibility checks and necessary disclosures required when applying for a loan. Complete this form accurately to ensure a successful application process.
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How do I fill this out?
To fill out this form, begin by gathering all necessary business information. Carefully enter the ownership details and information about associates involved in the application. Review each section for accuracy before submitting to the Certified Development Company (CDC).
How to fill out the Application for Section 504 Loans - SBA Form 1244?
1
Gather your business details and ownership information.
2
Complete Section One with the applicant's information.
3
Fill in Section Two detailing associates and ownership stakes.
4
Review Section Three for legal and executive order statements.
5
Submit final documents to the CDC for processing.
Who needs the Application for Section 504 Loans - SBA Form 1244?
1
Small business owners applying for loans.
2
Certified Development Companies assisting applicants.
3
Associates of the applicant needing to disclose information.
4
Lenders evaluating the eligibility of the business.
5
Consultants helping businesses with loan applications.
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What are the instructions for submitting this form?
Submit the completed SBA Form 1244 to your Certified Development Company (CDC) via email or fax. If submitting physically, send to your assigned CDC address. It's crucial to ensure all forms are accurate and complete to prevent delays; you may find submission through the CDC's online portal is the quickest option available.
What are the important dates for this form in 2024 and 2025?
The expiration date for this form is July 31, 2023, but applicants should check for updates regularly for future submissions in 2024 and 2025.
What is the purpose of this form?
The purpose of the SBA Form 1244 is to assist small businesses in applying for Section 504 Loans. This form collects essential information about the business, its ownership structure, and its associates to evaluate eligibility for SBA financing. Accurate completion is crucial for the success of the loan application process.
Tell me about this form and its components and fields line-by-line.
- 1. Applicant Name: Legal name of the applicant or business.
- 2. Business Address: Physical location of the business.
- 3. DBA or Tradename: Doing business as name if applicable.
- 4. Legal Structure: Type of business entity (e.g., LLC, corporation).
- 5. Tax ID: Employer Identification Number for tax purposes.
- 6. Contact Name: Primary contact person for the application.
- 7. Loan Amount Requested: Total funds requested for the loan.
- 8. Business Ownership: Disclosure of business ownership percentage and structure.
- 9. How Many Employees?: Number of employees working at the business.
- 10. Has the Applicant Ever Declared Bankruptcy?: Record of any previous bankruptcies.
What happens if I fail to submit this form?
If the form is not submitted properly, the application may face delays or rejections. Incomplete applications might lead to additional requests for information from the CDC, causing prolonged processing times. Ensuring that all fields are filled correctly is critical for timely approval.
- Delayed Processing: Incomplete forms can lead to longer wait times for application approval.
- Temporary Denial: Improperly filled out forms may result in temporary denial of the loan application.
- Additional Requests for Information: CDC may ask for more clarification, prolonging the overall process.
How do I know when to use this form?
- 1. Business Expansion Projects: When funding is needed for business growth and expansion.
- 2. Real Estate Purchases: For acquiring properties for business use.
- 3. Equipment Financing: To secure funding for purchasing new business equipment.
- 4. Refinancing Existing Debt: To refinance current business loans through SBA options.
- 5. Job Creation Efforts: When unable to retain or create jobs without additional funding.
Frequently Asked Questions
What is the SBA Form 1244?
The SBA Form 1244 is the Application for Section 504 Loans designed for small business applicants.
Who needs to fill out this form?
Small business owners, their associates, and certified development companies all need to complete this form.
How do I submit the SBA Form 1244?
You submit the form to your Certified Development Company after completing all sections.
Can I edit the PDF before submission?
Yes, PrintFriendly allows you to edit the PDF before you finalize and submit it.
What if I make a mistake on the form?
You can edit the sections you need to correct using PrintFriendly before submitting.
How long does it take to process my application?
Processing times may vary, but your CDC can give you an estimate based on their requirements.
Is there a specific format for filling out the form?
Follow the instructions on the form carefully, ensuring all sections are completed accurately.
Where can I find help filling out this form?
Consult with your Certified Development Company or a business advisor for assistance.
What happens if I submit incomplete information?
Incomplete submissions may delay the processing of your application.
Is digital signing accepted for this form?
Yes, you can use digital signature options available within PrintFriendly.
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