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How to Qualify for a SBA 504 Loan?

🏦 Need a fast decision on an SBA business loan? Visit: https://www.fountainheadcc.com Some of the primary qualifications for an SBA 504 loan is, number one, the square footage of the commercial real estate you’re going to go into. Are you going to occupy at least 51%, a simple majority? If you’re not, then you may not be a good candidate for an SBA 504 loan if it’s really you buying a commercial real estate building that you’re just going to be one of many tenants in, then it probably doesn’t make sense to do this. You may be better served by doing a conventional loan but if you’re going to have a simple majority of the square footage, the SBA 504 loan probably needs to be your go-to. In terms of other qualifications–if you’re a for-profit business, if you are a privately held business–all those are going to qualify. Nonprofits obviously do not qualify. Publicly held companies do not qualify, although ironically, plenty of public companies have a 504 loan because they’ve assumed a loan from an acquisition they made. If you’re a company that has a tangible business, a net worth of less than $15 million (and, by the way, that’s the case for many many small to mid-sized companies in America), even manufacturers that have been depreciating a lot of their heavy equipment. It’s really tough to get over that $15 million of tangible business net worth, so more companies qualify than you expect. Another financial hurdle you have to get over is you have to make sure you haven’t averaged more than $5 million a year in net income for the preceding two years. Again, if you’re doing that well, you’re doing really well. You probably don’t need to go get a SBA 504 loan. Chances are, you’re batting off private equity firms and other folks who want to take you public, so that’s another piece. Generally speaking, SBA 504 financing is eligible for US citizens and legal permanent residents. What I mean with legal permanent residents are people with green cards. There is a process and I’ve done a few loans where you actually can get SBA financing if it is majority owned by a foreign company. It’s a bit difficult–there are contracts involved and whatnot. If that’s your concern, reach out to me and I can talk to you more offline about that, but in general, it’s for American citizens and/or those with green cards. Learn more about SBA 504 Loans: https://fountainheadcc.com/sba-504/