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First, contact Manhattan Merchant Services to discuss your project.  We will collect all of your information which will allow us to structure your financing, then submit your application to the CDC.  The application consists of basically the same materials you will submit to your bank.   Basic application materials include:

• 3 years of financial statements and federal tax returns on the company (if in existence for 3 years);
• if there is no historical cash flow ability to service the proposed new debt, provide 2-3 years financial projections;
• personal financial statement (assets and liabilities) on the owners of the company;
• written history of the business, reasons for expansion, plans;
• copy of sales agreement;
• personal history statement of principals indicating citizenship status, etc.

Next, we will contact one of our many banks that we work with to see if they would like to participate by providing the permanent first mortgage and bridge loan.  If you have a relationship with a specific bank that you prefer to work with, we can work with that specific lending institution, so long as they work with the program.

We will work with the CDC's staff to review and evaluate you and your small business.  The CDC will draw credit reports, do supplier, bank and trade checks, visit your existing and proposed operations/facilities; assess your credit ability and character.   Once your bank or other 50% first mortgage lender has indicated an interest in financing the first mortgage, the CDC staff prepares a loan memorandum and presents it to the CDC's Loan Review Board which meets at least once per month (more often if necessary).

Once the board approves the project, we will submit your application through the CDC to the SBA to obtain its agreement to guarantee the CDC's bond. This generally takes a few days. The CDC then issues a commitment and your bank closes its first mortgage loan and bridge loan. You then take the bank's funds to complete the project. When the project is complete, you close with the CDC and the CDC wires the money to the bridge lender. You then pay the CDC back for the SBA 504 loan. The CDC services the loan for for the entire term of the loan.