What corporate officers and directorsare required for an SBA 504 Loan?
Every corporation must have a President, Secretary and Treasurer. These positions may be filled by one person or by multiple people. Corporate officers must be elected on an annual basis. Proof of their election within the last 12 months is required. CDC Small Business Finance can assist with a sample resolution for corporate officers. If a corporation has one shareholder, at least one director is required. If a corporation has two shareholders, at least two directors are required. If a corporation has three or more shareholders, at least three directors are required. Corporate directors must be elected on an annual basis. Proof of their election within the last 12 months is required. An IRS W-9 form must be completed and submitted with every package. Relevant tax reporting information will be reported by the central servicing agent to the person or entity identified on this form. The Borrower must select one person or entity and insert all applicable information.
