Call us at the CDCSW and tell us about your project. We will send you an application which you can submit to us along with basically the same materials you will submit to your bank. Basic application materials include:

  • 3 years of financial statements and federal tax returns on the company (if in existence for 3 years);
  • if there is no historical cash flow ability to service the proposed new debt, submit 2-3 years financial projections;
  • personal financial statement (assets and liabilities) on the owners of the company;
  • written history of the business, reasons for expansion, plans;
  • copy of contract of sale;
  • personal history statement of principals indicating citizenship status, etc.

The CDCSW staff will evaluate you and your company. Once your bank or other financial institution has indicated an interest in financing the 50%, the CDCSW staff prepares a loan memorandum and presents it to our Board which meets on an as needed basis. Once the Board approves the project, the CDCSW presents the application to the SBA to acquire its agreement to guarantee the CDCSW's bond. This generally takes a few days. We then issue a commitment and your bank closes its first mortgage loan and bridge loan. You take the bank's funds to complete the project. When the project is complete, you close with the CDCSW and the CDCSW wires its money to the bridge lender. You then pay the CDCSW back for the SBA 504 loan. The CDCSW services the loan for its life.