Four Tips to Ensure the Fastest Turnaround on Your SBA 504 Loan

San Franisco, CA - California, September 30, 2015 (Newswire.com) - ​There’s nothing easy about borrowing money to grow your business. It takes a lot of planning to get your financials in order and a lot of determination and hard work to position your business for growth.

The last thing you need is the headache of getting caught up in a slow, bureaucratic loan approval process.

"Originally, I thought the process would be slow and bureaucratic, but Capital Access Group was nimble, proactive, and market conscious. In the end, the process was extremely smooth, and we were grateful to have partnered with them."

Sarah Chang, Vice President and Co-owner, Gingko Home Furnishings

Quick turnaround time is essential for business owners trying to purchase property in California’s red hot commercial real estate market. In this highly competitive market, a few days can determine whether or not you get the building you want for your business.

Experts at Capital Access Group, the fastest, high-volume SBA 504 lender in Northern California for turnaround time, say preparation key.

Capital Access Group is a San Francisco-based Certified Development Company authorized by the SBA to provide long-term, fixed-rate financing through the 504 loan program for the purchase, renovation, or construction of commercial real estate.

Capital Access Group provides the following tips to help business owners prepare for the most efficient loan process:

1.      Understand the loan criteria: SBA 504 loans are similar to conventional loans in terms of the criteria that are taken into account to determine eligibility. Key criteria include credit scores, cash flow projections, and your debt-to-equity ratio. These factors help the lender understand your credit worthiness and your ability to repay a loan from the proceeds of your business. The SBA 504 loan has the added advantages of a low down payment, fixed interest rate, and long-term amortization periods for lower monthly payments.

2.     Familiarize yourself with the loan application checklist: The SBA’s website includes a tutorial on how to prepare a 504 loan application, with a list of all of the documents you’ll need to complete your loan application, including income tax returns, businesses leases, financial statements, and more. Having all of these documents in order will make the process much easier.​

“Working with Capital Access was a great experience. They were easy to work with, they made everything easy, and they made sure we met all of our deadlines. I would definitely recommend them.” - Rakhi Israni Executive Director, Excel Test Prep

3.      Estimate your loan payment: Capital Access Group offers a free SBA loan calculator app. This easy-to-use iPhone app allows you to create SBA 504 loan samples in seconds. The app allows you to estimate your monthly loan payments using the current interest rate. You can email loan samples directly from the app. You can see the web version here, and you can download the free application from the Apple store.

4.      Prequalify: The best strategy for business owners shopping for a new property is to get prequalified right away. Prequalification gives you an edge over other buyers, and it assures a speedier approval process once you find the ideal building. Prequalification helps to avoid a lot of frustration later on in the process. Capital Access provides  free prequalification in 24 hours.

The SBA 504 loan is a partnership between a Certified Development Company, a commercial bank, the small business borrower, and the U.S. Small Business Administration (SBA). The loan provides capital for the purchase, renovation, or construction of commercial real estate and heavy equipment. Currently, the SBA 504 interest rate is 4.90%, fully amortized and fixed for 20 years.

Small business owners can learn more about Capital Access Group by visiting the website, or by calling (415) 217-7600.

Capital Access Group has more than thirty years of experience working with the SBA 504 commercial loan program.

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