Location

Business Expansion Funding Corporation
5970 Fairview Rd, Suite 218
Charlotte, NC 28210

Larger map and directions

Servicing Your Loan

BEFCOR is responsible for administering the 504 account consistent with the expectations of SBA. If you have any questions or concerns about your 504 loan, contact the BEFCOR servicing manager. Here are the kinds of information which will most frequently be requested of the customer to assure the terms of the Loan Authorization are met:

  • Financial statements (annually)

    The year-end financial statements of the operating business will be required within 90 days of fiscal year end. A complete copy of the operating business' Federal Tax Return can be provided instead as an alternative to satisfy this requirement.

  • Proof of hazard insurance on the project collateral (annually)

    A copy of the insurance binder showing continued coverage specifying BEFCOR and/or SBA as the mortgagee/loss payee will be needed.

  • Status of the loan with the senior lender (annually)

    Information showing the loan balance and current condition of the loan. If this information is unknown to you we will provide a form to be signed authorizing your bank to disclose the information to BEFCOR.

  • Job count (annually)

    BEFCOR compiles this information from all 504 loans and provides the information to SBA. That agency uses the data to show Congress the effectiveness of the 504 program and its impact for economic development and job creation.

  • Copy of paid Property Tax receipt (annually)

    This will be requested only when the information is not otherwise available on-line.

  • 504 project field visit (annually)

    BEFCOR will contact you to arrange a field visit of the project facility by our staff. This is an excellent opportunity to discuss additional expansion funding needs of the business or its affiliates.