SBA Form 1244 Application for Section 504 Loans

What Is SBA Form 1244?

This is a legal form that was released by the U.S. Small Business Administration on June 1, 2021 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is SBA Form 1244?
A: SBA Form 1244 is an application form for Section 504 loans.

Q: What are Section 504 loans?
A: Section 504 loans are long-term, fixed-rate loans provided by the Small Business Administration (SBA) to assist small businesses in acquiring fixed assets for expansion or modernization.

Q: Who can apply for a Section 504 loan?
A: Small businesses, including sole proprietorships, partnerships, and corporations, can apply for Section 504 loans.

Q: What can Section 504 loans be used for?
A: Section 504 loans can be used to acquire fixed assets, such as real estate, buildings, machinery, or equipment.

Q: How to complete SBA Form 1244?
A: You need to provide information about your business, assets, and financial statements. The form must be signed and submitted to the SBA.

Q: Is there a deadline for submitting SBA Form 1244?
A: There is no specific deadline for submitting SBA Form 1244, but it is recommended to apply as soon as possible.

Q: What happens after submitting SBA Form 1244?
A: After submitting the form, the SBA will review your application and make a decision on your loan request.

Q: Are there any fees for applying for SBA Form 1244?
A: There may be fees associated with the loan application process, including appraisal costs, environmental reports, and other third-party services.