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What type of Lenders are allowed to participate in an SBA 504 projects?

Savings and Loan Associations, Credit Unions, Pension funds, Insurance companies, Commercial lending companies, Taxable Industrial Revenue Bonds and Individuals may participate as a Lender.

Are there requirements on loan terms the SBA requires from the Participating Lenders of a 504 Loan?

  • The Lender Loan must have a term of at least 7 years when the 504 loan is for a term of 10 years and at least 10 years when the 504 loan is for 20 years.
  • Interest rates must be reasonable.
  • The Lender Loan must not have any early call feature or contain any demand provisions unless the loan is in default.
  • The Lender Loan must not be open-ended.

How is the Project Financing Structured for an SBA 504 loan?

  • The Lender financing must be equal to or greater than the debenture.
  • The net debenture may not exceed 40% of the project's total cost.
  • The borrower’s injection must be at least 10% of the total project cost, and may be more, as required by statute or for credit reasons.
  • No more than 50% of the project costs can come either directly or indirectly from Federal sources.

Does the Borrower need cash for their portion of the injection?

The Borrower's injection may be existing equity in land (including buildings, structures and other site improvements that will be part of the Project Property) previously acquired by the Borrower.

What environmental reports are required when the purchase of real property is being financed with an SBA 504 loan?

SBA loans typically require a transaction screen or Phase 1 environmental report.


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