We will help you with your business expansion plan. As experts in the SBA 504 Loan Program, we have the knowledge and experience to guide you through the loan process. Call us and we will help you find solutions to meet your needs.
After helping you determine your direction, Eastern American CDC will receive your application with required documents.
If the borrower is qualified with SBA 504 loan program, the term sheet will be issued. The borrower is required to return signed term sheet with $2,500 of application fee.
Eastern American CDC will provide a full document check lists with borrower. Upon obtaining full documents from the borrower, Eastern American CDC will work closely with SBA and Bank in obtaining the approval of loan.
The bank will provide interim and permanent financing for the project.
An attorney assigned by Eastern American CDC prepares closing documents for the SBA 504 loan and the borrower will sign the closing documents once completed. The final signed package of closing documents is submitted to SBA and 504 loan funding is taking mostly less than two months after project completion.