SBA 504 Loans
Small Business Administration 504 loan programs offer long term financing opportunities to be used for fixed asset projects by small businesses within the communities we serve.
PremierWest partners with a local Certified Development Company (CDC) who works with the SBA to provide small business with loans often available only to larger firms.
Typically, a 504 project includes a loan secured from PremierWest with a senior lien covering up to 50% of the project cost, an SBA guaranteed loan with a junior lien covering up to 40% of the project cost, plus a contribution from the borrower of at least 10%.
Business Financing.....Learn More
- Summary
Loan Purposes:
- Purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping
- Construction of new facilities or modernizing, renovating or converting existing facilities
- Purchasing long-term machinery and equipment
Here is the Financial Information You Will Need to Get Started:
- A current personal financial statement (current within 60 days of application)
- 3 years of personal Federal Tax Returns including all schedules, statements, K-1s, etc.
- 3 years of business Federal Tax Returns including all schedules, statements, K-1's, etc.
- 3 years of business financial statements, balance sheet and income statement
- Current interim business financial statements, balance sheet and income statement (no older than 60 days)
