When you get an SBA 504 loan with Self-Help, we’re here for you — for the life of your loan. If you have questions or need assistance, give us a call at (919) 956-4449., or check out the information below. You can also download a copy of the Borrower’s Guide you got at closing.
Can my loan be paid off early?
Yes, your SBA 504 loan can be paid off early, but the payoff process is different from typical bank loans. If you are considering paying off your loan early, contact us right away – that way we can help you determine the best option for your situation.
Please be aware that if your loan is less than ten years old, there will be a prepayment penalty. The amount of the penalty depends on the age of your loan. For more details, see the Borrower’s Guide or call us at (919) 956-4449.
If you do decide to pay your loan off early, the timing of the prepayment is critical. PLEASE CONTACT US RIGHT AWAY IF YOU ARE CONSIDERING PREPAYING YOUR LOAN.
How do I change the account from which my payments are deducted?
If you want to have your SBA 504 loan payments debited from a different account than the one we have been using – either at the same bank or at a new bank – Self-Help will need a new “ACH debit authorization” form from you, along with a voided check for the new account.
Call us at (919) 956-4449 to let us know you want to make this change. We typically need 15 business days (3 full weeks) to make this change.
How do I change my contact information?
Contact us at (919) 956-4449 to change your contact information.
How can I find out my loan balance?
Check the loan amortization schedule provided in your Borrower’s Handbook, or contact us at (919) 956-4449.
What happens if I miss a payment on my loan?
Your loan payments are collected via automatic payment deductions (ACH). If you know that a payment did not or will not go through, please call us immediately so we can work with you to make up the payment. If you do not make up for the missed payment, your loan will not amortize properly, and you will accrue additional interest until you make up the payment. It’s very important to address the missed payment as quickly as possibly by calling Self-Help.
How can I find out how much interest was paid on my loan last year?
You can check the loan amortization schedule you received at closing. An IRS Form 1098 will also be mailed to you on Jan. 31st.
Can the bank portion of the loan be refinanced without prepaying the SBA 504 loan?
Yes. It is possible to refinance the bank portion of your loan with a new lender, while leaving your SBA 504 loan unaffected. If you are thinking about refinancing, please call us at (919) 956-4449 so we can assist you.
Can the terms of the SBA 504 loan be modified?
No. SBA 504 loan terms are established at funding and remain fixed throughout the life of the loan. If you are experiencing temporary cash flow issues, however, contact us to workw ith you on a payment deferral. If SBA approves a payment deferral, you will have to make extra payments once the deferral period ends to get back on your original amortization schedule.
Can I renovate or expand my facility later?
Yes. Your first and best option may be financing an expansion with a second SBA 504 loan. Contact us at (919) 956-4449 to learn more.
What information do I need to give Self-Help on a regular basis?
You will need to submit information to us regularly, including:
- Annual financial statements
- Up-to-date information on your hazard insurance
- Job creation statistics (at the end of the second year of your loan),
- Tax payment confirmations
- Information about any changes you want to make in your business that could affect your SBA 504 loan, such as changes in ownership.
Please see the Borrower’s Guide for details.
If you need more information, or have more questions about your loan, give us a call at (919) 956-4449. We’re here to help.