Jan 13, 2024
- Click financing in the overview menu on the left.
- The financing page will load, the Project Costs Tab is the first tab the page loads to.
The Project Costs Tab in the Financing section will look slightly different based on the type of loan. We will cover how to add project costs shortly.
504:
7A and Commercial are similar with only the loan label being different, it will say "From 7A" or "From Loan" (7A pictured as the example) :
- Underneath the project costs table there is a Project Costs Narrative field. This narrative translates to credit memos. When you finish entering a narrative, remember to click save.
The Additional Project Details section does not appear for Commercial loan types.
It allows you to mark if the project was:
- To Purchase a Business (Change of Ownership). Checking this option will result in a section titled Acquisition Details to appear. It will contain a Details field where you can enter details covering the acquisition.
- Expansion to an additional location. Checking this option will result in a section titled Expansion Versus Startup Justification. It will contain a menu for you to select the justification for qualifying as an expansion, and a field for you to enter details if you select “Other” in the justification dropdown menu.
- For a business that qualifies as a Special Purpose
- For a Relocation
- A start up business. If you select Yes, a section titled Startup Details will appear. It will contain a field labeled details where you can enter information on why this project is classified as a startup.
- For 7A loans only: If the loan is a revolving line of credit.