Sometimes. When the Project Property is land and building, and it was acquired less than nine months before the application is received by SBA, the financing used to acquire the land and building could be considered "interim financing" and be eligible to be paid-off with 504 loan proceeds.

The SBA no longer makes direct loans, but it does provide a guarantee of a major percentage of the loan to the lending bank. The amount of guarantee varies; presently it is around 75 percent. One should start out with the bank they intend to borrow from. Banks usually have all the necessary forms to originate a loan. You can also attend a free briefing at the local SBA office to learn more about the qualifications and process www.sba.gov/wa/seattle.

The SBA offers a series of loan guarantee programs tailored to various situations. Generally, these programs are intended for small businesses that could not obtain this type of financing under normal circumstances. SBA loans are administered by private sector lenders such as traditional banks and some non-bank lenders. Most lenders will be familiar with the process, and you should contact them directly for further information and assistance.

The SBA will assess your financial situation and will set loan terms based on your needs and repayment ability. The maximum maturity for disaster loans is 30 years.

Eligibility for an SBA loan is initiated only after you have applied to and been turned down for a conventional loan.

A business must be independently owned and operated for profit. It must not be dominant in its field, and must meet certain criteria in terms of size, number of employees, and annual sales. Loans cannot be made to speculative businesses, media businesses, or businesses engaged in gambling activities.

Land. The value of the land is determined at cost, if acquired within the last two years, or at the appraised fair market value, if owned for more than two years. Site Improvements. Grading, paving, landscaping, curb and gutter, etc. No more than 5% of total project costs can be for "community" (off-site) improvements. Purchase of one or more existing building(s). The operating small business must occupy at least 51%, with no time limit imposed for occupying the balance of available space.

Origination fees on the permanent portion of private sector loans (origination fees on interim or construction financing can be included) Furniture, fixtures and equipment with a useful life less of than 10 years (although these may be allowed if it can be shown that they are essential to the project and a small percentage of the total project cost) Construction equipment; however, heavy duty equipment integral to a business and meeting the IRS definition of capital equipment is eligible

More than 99% of privately held, for-profit companies are considered "small" businesses for 504 and SBA guaranty loan financing purposes. BEFCOR is certified by the U.S. Small Business Administration to process any 504 loan where the project is located in North Carolina.

To be eligible, the business must be operated for profit and fall within the size standards set by the SBA. Under the 504 Program, the business qualifies as small if it does not have a tangible net worth in excess of $7 million and does not have an average net income in excess of $2.5 million after taxes for the preceding two years. Loans cannot be made to businesses engaged in speculation or investment in rental real estate.

Generally, the project assets being financed are used as collateral. Personal guaranties of the principal owners are also required.

No. Savings and Loan Associations, Credit Unions, Pension funds, Insurance companies, Commercial lending companies, Taxable Industrial Revenue Bonds and Individuals may participate as a Lender.

Yes. Debt refinancing is allowed under the SBA programs. It is not the preferred form of SBA involvement, but it will be supported if the refinancing has a beneficial business consequence. Refinancing just to get out of a jam is usually not favored. For more information on this topic, contact your local SBDC.

quot;Section 504" refers to the section of the Rehabilitation Act of 1973 which guarantees certain rights to individuals with disabilities, including ADHD. This federal law states that no person "... shall, solely by reason of her or his disability, be excluded from the participation in, be denied the benefits of, or be subjected to discrimination under any program or activity receiving Federal financial assistance" (Sec. 504.(a)). No.

FAPE, the acronym for Free Appropriate Public Education, is the provision of regular or special education or aids and services designed to meet the educational needs of individuals with disabilities to the same extent that needs of non-disabled individuals are met. No. Children with mental disabilities or impairments may be eligible for services under both the Individuals with Disabilities Education Act (IDEA) or Section 504.