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SBA Form 2449 Community Advantage Addendum (7(A) Pilot Program)
What Is SBA Form 2449?
SBA Form 2449, Community Advantage Addendum - 7(a) Pilot Program , is a form submitted to the Small Business Administration (SBA) when applying for the Community Advantage Loan Program. The addendum is submitted along with SBA Form 1919, Borrower Information.
The SBA released the latest edition of the form on October 1, 2020 . The most recent SBA Form 2449 fillable version can be downloaded below or found on the SBA Forms website.
SBA 2449 is submitted along with SBA Form 1919, SBA Form 1920, and SBA Form 413 as part of the loan application process and requires information about the business and the business owner as well as any training received under SBA's Management and Technical Assistance Training Programs.
SBA Community Advantage Loan
The SBA Community Advantage Loan is a pilot loan program designed for small businesses operating in underserved areas. Underserved areas typically include inner cities, rural communities and federally designated low-to-moderate income areas. Minority-owned, women-owned and veteran-owned small businesses may also qualify for the Community Advantage Loan.
The program offers loans of up to $250,000 with a 9% interest rate for periods of 7 to 10 years. The loan can be used for any purposes, except for paying off credit or participating in SBA-prohibited activities.
To qualify for the SBA Community Advantage loan, the business must meet size and industry criteria, be for-profit, U.S-based and able to repay the loan. Both established businesses and startups are eligible, however, the requirements will differ in each case.
The paperwork required to apply for the Community Advantage loan also depends on the business. Owners of established businesses have to provide copies of personal and business tax returns filed over the period of the last three years along with the SBA Form 2449 and SBA Form 413, Personal Financial Statement. Startup business owners have to provide a two-year business plan and proof of their equity injection along with the SBA Form 2449.
SBA lenders can also participate in the Community Advantage. Eligible organizations include:
- Certified Development Companies;
- Intermediary Lending Pilot program intermediaries;
- Microloan program intermediaries;
- Non-federally regulated certified Community Development Financial Institutions.
