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SBA Form 1505 Note (CDC / 504 Loans)
What Is SBA Form 1505?
SBA Form 1505, Note - CDC/504 loans is a form that serves as evidence of a 504 Loan made to a Small Business from the proceeds of a 504 Debenture. The form is signed by an authorized officer of the Certified Development Company (CDC) to then assign it to the Small Business Administration (SBA) .
The SBA released the most recent edition of the form on April 1, 2018 , with previous editions obsolete. An up-to-date SBA Form 1505 fillable version is available for digital filing and download below or can be found through the SBA Forms website.
SBA 504 Loan Application Form
When the Small Business voluntarily decides to repay its 504 loan, it shall be required to pay the premium recorded on its DBA 1505 Form equal to that required by the 504 Debenture.
The information required to be recorded on the form includes the SBA loan number, loan name, loan amount and the names of the Borrower, operating company and CDC. The SBA loan name must be the same that appears in the Authorization and can either be the trade name of the Operating Company, the actual name of the Operating Company, the trade name of the Borrower or the actual name of the Borrower.
SBA Form 1505 includes a set of provisions including a promise to pay to the order of CDC, a set of definitions, interest rate and payments, a late-payment fee, and applicable Federal Law.
SBA Form 1244 ( Application for Section 504 Loans ) is a related form completed by a 504 Loan applicant and the CDC.
The information gathered in the SBA 1244 Form is used by the SBA to review the eligibility, indebtedness, and creditworthiness of the Small Business applying for the 504 Loan. The provided information will also be used to assess the CDC's request for a guarantee of the debenture.
The representative must first submit the required information to the CDC which will then forward the information to the SBA's Loan Processing Center in Sacramento, CA.
Download SBA Form 1505 Note (CDC / 504 Loans)
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