Applications Process & Forms


Application Process

Pre-qualification Business Lending Partners (BLP) provides up-front eligibility screening services to determine if a small business meets the general criteria to qualify for an SBA loan. Contact BLP today to discuss your project.
 
BLP Application A BLP representative will work with the small business and the participating lender to collect all required documentation (see 'Application Documentation Requirements' below).
 
BLP Approval BLP will structure the loan within SBA's guidelines and perform analysis on the creditworthiness of the company.

Loan Approval recommendations will be made by BLP's Loan Committee and Executive Committee, both of which meet every Monday and Tuesday respectively.
 

SBA Approval The loan application will then be submitted electronically by BLP to SBA once all remaining documentation is collected, signed, and dated by the loan applicant. This process typically occurs the same day Executive Committee approval is received.
 
SBA Authorization SBA will issue its Loan Authorization upon approval which outlines the terms and conditions of the SBA financing.
 

SBA 504

July 2017

20-Year Fixed Rate:

4.766%

10-Year Fixed Rate:

4.497%

Historical Rate Graph

 

Application Requirements

Contact a BLP representative before submitting a full application to prequalify for the programs based upon applicant's eligibility. Below is a list of the application requirements.  

All documentation must be dated and signed prior to submission.

  1. Business Loan Application:
    Original signature and date must be provided on all documents provided by the applicant.
  2. Business plan:
    This should include business products and services, history of the business, a description of management and a market analysis, including key customers, the size of the market, competitors and the competitive advantage of the business.
  3. Resumes:
    A Resume on the attached form is required on all owners, officers and key management of the business
  4. Personal Financial Statement:
    All owners which own 20% or more of the business must complete the personal financial statement on SBA form.  if married, this must be a joint statement and include the spouse's signature.  Owners must also attach a copy of their driver's license to this statement.
  5. Cost Documentation:
    Once the business has identified all its funding needs, those costs need to be documented as much as possible as part of the application.  This documentation may include things like:
    • ​Quotes on equipment
    • Accepted offer to purchase on land or buildings
    • Construction contract or budget from contractor
  6. Year-End Business Financial Statements:
    Financial statements for the last three fiscal year-ends of the business are needed, including balance sheets and income statements.
  7. Recent Business Financial Statements:
    Interim financial statements (year-to-date) for a period ending within 90 days of application is needed, including aging reports of accounts receivable and account payable.
  8. Schedule of Debts:
    Borrower must complete the attached schedule of existing debts including date and amount of original loan, the rate and term, the current balance and how it is secured.
  9. Business Financial Projections:
    The Business may be required to provide two years of financial projections, including balance sheets, income statements and written assumptions.  Monthly cash flow projections may also be required, particularly for new businesses.
  10. Tax Returns:
    Corporate and personal federal tax returns are needed for the past two years.  For married individuals, joint tax returns must include the spouses signature.
  11. Franchise Documents:
    Signed copies of the franchise documents, or dealer, supply or license agreements are needed for the business.
  12. Affiliated Businesses:
    Information on any other businesses owned or partially owned by the applicants must be provided, including names of those businesses, ownership breakdown and the last two year-end financial statements or Federal Tax Returns.
  13. Other Funding Commitments:
    Commitment letters for all other funding sources as part of this financing package needs to be provided, including the bank commitment letter describing the terms and conditions of its financing and the reason for using the SBA 504 program.

Other Requirements:

Loan approval would be contingent upon receipt of the following:

  1. Appraisal:
    Funding projects that involve land or building purchases or new construction will require an appraisal.  This is typically ordered by the financial institution participating in the financing.
  2. Environmental Study:
    Funding Projects that involve real estate will require some type of environmental study as determined by the financial institution and SBA requirements.  This may start with a questionnaire to be completed by the owner of the property followed by a professional report ordered by the financial institution or SBA.

 


Other Forms

Additional application requirements prior to final application submission to SBA:

  1. IRS 4506-T Form
  2. Statement of Personal History
  3. Statement of Laws and Executive Orders