The SBA 2286 form serves as a comprehensive guide and checklist for the closing process of 504 loans, a program managed by the U.S. Small Business Administration (SBA) to provide long-term, fixed-rate financing to small businesses for major fixed assets. This document is essential for Certified Development Companies (CDCs), outlining the necessary steps and documents required to complete the process successfully. It covers a wide array of details including the SBA loan number, the names of the borrower and operating company, CDC details, debenture amount, and terms, along with contact information for parties responsible for the closing. Additionally, the form lays out a list of essential documents such as board resolutions, notes, development company 504 debentures, and various agreements and certifications that are critical for the review and guarantee of the debenture sale by the SBA. Instructions accompanying the checklist emphasize the importance of submitting documents in the correct order, the role of designated attorneys, and guidelines for submitting the closing package for SBA review. Equally, after the sale of the debenture, the CDC's responsibility to prepare the collateral file and submit it to the Commercial Loan Servicing Center is highlighted, ensuring that all necessary documents are compiled and dispatched within specified timelines. Following these detailed instructions ensures the smooth processing of 504 loan applications, supporting small businesses in accessing vital funding for growth and sustainability.
| Question | Answer |
|---|---|
| Form Name | Sba Form 2286 |
| Form Length | 5 pages |
| Fillable? | No |
| Fillable fields | 0 |
| Avg. time to fill out | 1 min 15 sec |
| Other names | dba, CDCs, DEBENTURE, CDC |