# What goes into an SBA 504 loan application?

**Short answer:** SBA Form 1244, a credit memo, project cost documents, an appraisal, the third party lender's letter, personal financial statements, credit reports and business financials. The Certified Development Company (CDC) assembles the package. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. F.2.

Canonical page: https://www.sbaexpress.loans/answers/what-goes-into-an-sba-504-loan-application/
Last checked: 2026-11-09

The CDC builds the package around SBA Form 1244. SOP 50 10 8.1, Sec. C, Ch. 1, Para. F.2 (about pp. 258-262) lists the contents.

## The application and credit

- SBA Form 1244, with 100% of direct and indirect ownership listed.
- The CDC's credit memorandum.
- The third party lender's letter of intent or term sheet, including why it will not finance the entire project.
- The third party lender's underwriting analysis, when total project costs are at least $5,000,000.

## Project costs

- Contractor costs, vendor quotes and an itemized list of professional fees.
- Full or partially executed purchase agreements.
- An independent appraisal for project real estate.
- Environmental analysis, if it applies.

## Owners and guarantors

- SBA Form 413, signed and dated within 90 days, with personal tax returns for the last year.
- Credit reports dated within 90 days.
- Proof of U.S. National status, if it applies.

## Business financials

- Balance sheets, income statements and tax returns for 3 years, or 2 under the alternative size standard.
- A balance sheet and income statement dated within 120 days, with receivables and payables agings.
- Projected income statements where appropriate. A new business adds a monthly cash flow for its first 12 months or 3 months past breakeven, whichever is longer.
- A debt schedule, a schedule of prior government financing, and affiliate financials.

## Not required until closing

IRS transcripts and complete verification of financial information (Para. F.2.a.xxiii).

## Sources

- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. F.2 (about pp. 258-262)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [SBA, 504 loans, sba.gov/loans/504-loans (read November 8, 2026)](https://www.sba.gov/loans/504-loans/)