SBA 504 Loan Documents Checklist

Business Documents

• 3 years of business federal tax returns (all pages, all schedules)
• Year-to-date profit & loss statement (within 90 days)
• Year-to-date balance sheet (within 90 days)
• Current accounts receivable and accounts payable aging schedules
• Business debt schedule (all outstanding loans, creditor, balance, payment, maturity)
• Certificate of good standing / articles of incorporation or organization
• Operating agreement (LLCs) or bylaws (corporations)
• Ownership/capitalization table showing all owners and % ownership
• List of any affiliates or related businesses (ownership, financials)

Owner / Borrower Documents

Required for all owners with 20% or greater ownership stake:

• 3 years of personal federal tax returns (all pages, all schedules)
• Completed personal financial statement (SBA Form 413 or equivalent)
• Government-issued photo ID
• Resume or professional biography (required for startups)
• Statement of citizenship or eligible non-citizen status

Project / Property Documents

• Executed purchase and sale agreement (or letter of intent if final contract not yet signed)
• Legal description of the property
• Most recent property tax bill / assessment
• Existing survey (or authorization to order new survey)
• Any existing title reports, easements, or deed restrictions
• Existing lease agreements on the property (if any tenants)
• Photos of the property

Construction / Renovation Projects (Additional Items)

• Executed construction contract with licensed general contractor
• Construction plans and specifications (preliminary is acceptable at application)
• Construction cost breakdown / contractor bid
• Builder's risk insurance commitment
• Any zoning approvals, permits, or variances obtained or in process

Third-Party Reports (Ordered by CDC / Bank)

These are typically ordered by the lender/CDC but you'll need to authorize and sometimes pay for them upfront:

• Commercial real estate appraisal (FIRREA-compliant, ordered by the bank)
• Phase I Environmental Site Assessment (ESA)
• Phase II ESA if Phase I identifies recognized environmental conditions (RECs)
• Flood zone determination
• ALTA/NSPS land title survey (often required for commercial purchases)

Order these as early as possible — appraisals and Phase I reports typically take 2–4 weeks each.

SBA-Specific Forms

Your CDC will provide and help you complete these forms:

• SBA Form 1244 — Application for Section 504 Loans
• SBA Form 413 — Personal Financial Statement
• SBA Form 912 — Statement of Personal History (for principals)
• SBA Form 159 — Fee Disclosure and Compensation Agreement (if using a broker/consultant)
• IRS Form 4506-C — authorization to obtain tax transcripts

Insurance Requirements

Before closing, you'll need evidence of:

• Property / hazard insurance with lender named as additional insured/mortgagee
• Flood insurance if property is in a flood zone
• Business interruption / loss of income coverage (often required)
• Life insurance on key principals (sometimes required by bank)

Tips to Avoid Common Delays

• Get tax transcripts ordered early. The IRS Form 4506-C verification can take time. Your CDC will help with this, but it shouldn't be left to the last minute.
• Match your tax returns to your financial statements. Discrepancies between what your returns show and what your interim financials show require explanation and documentation.
• Disclose everything. Undisclosed liens, lawsuits, or related-party transactions discovered during underwriting are a major red flag and will delay your approval.
• Have your purchase contract reviewed before signing. Make sure the closing timeline in your purchase contract is realistic for a 504 deal (60–90 days minimum).