Current Borrowers
Contact the Servicing Department for any of the following requests:
- Check the balance of your loan
- Pay off your loan balance
- Change your contact information
- Subordination requests
- Defer payments
- Changes in insurance
- Year-End Statements
- For any other requests or questions, contact lajena@dakotabusinessfinance.com or 608-681-8187
Frequently Asked Questions
If you need assistance with your balance or need a copy of your amortization schedule, please send a request to the servicing department.
Loan payments are due on the first business day of every month. Late fees are applied if the payment is received after the 15th of the month. Loan payments must be processed via an automatic debit to your account (ACH payment). SBA uses a third party to process all SBA Loan Payments referred to as the Central Servicing Agent (CSA). Wells Fargo Corporate Trust Services is the CSA for all SBA 504 loans.
To change the account from which your loan payments are automatically debited, please send a request to the servicing department. Someone from our team will send you instructions and a new ACH form to complete.
Please note that changes must be received in our office by the 10th of the month in order to become effective for the following month’s payment.
Please note that changes must be received in our office by the 10th of the month in order to become effective for the following month’s payment.
You may prepay your SBA 504 loan, however SBA 504 loans are funded differently than conventional bank loans and therefore have different payoff terms.
- Partial prepayment is not allowed on SBA 504 loans
- 504 loans can only be paid off on the third Thursday of each month
- Prepayment penalties apply for the first 10 years of the loan. The penalty is 100% of the interest for the first year, and declines by 10% each year thereafter. There is no prepayment penalty after the 10th year.
A 1098 tax statement reflecting interest paid is provided annually to the borrowing entity. Please note that we do not receive this tax information until January 31st.
If you need to request another copy, please send a request to the servicing department.
SBA requires CDCs to obtain the following information:
- Tax returns or financial statements (Annually)
- Proof of hazard insurance for the project collateral (Annually): This is usually provided to us by the insurance agency.
- Site Visits: (one time, at the first funding anniversary): We will contact you to set up a time to visit the property. This is an excellent opportunity to discuss additional funding or servicing needs.
- Job Creation Form: (one time, at the second funding anniversary): We will send you a form at the appropriate time. SBA uses job creation data from all SBA 504 borrowers to demonstrate the effectiveness of economic development and job creation.
To keep our contact information accurate for your account, please let us know if your mailing address or other contact information changes. You can simply send an email to the servicing department stating the change.
Yes. Please send us the contact information for the new agency, including the new policy number.
Yes, we have many clients who have obtained two or more SBA 504 loans to finance additional locations for their growing businesses. Please contact us to find out if you are eligible for additional SBA 504 financing.