Revised Fingerprint Procedures for SBA 504 Loans
The Small Business Administration (SBA) is streamlining the process for submitting FBI fingerprint background checks for 504 loan borrowers going through the SBA 912 clearance process. The change is effective as of Aug. 24, 2019.
Going forward, when a fingerprint background check is required, borrowers must register through the SBA’s website. Once registered, borrowers will be directed to an approved electronic fingerprinting facility based on their location to complete the fingerprint requirements.
The criteria to determine whether an FBI fingerprint background check is required remains unchanged. SBA 504 loan applicants must obtain an FBI fingerprint background check if:
• The applicant is currently facing criminal charges;
• The applicant has been arrested in the past six months; or
• If the applicant has ever been convicted, plead guilty, plead nolo contendere, been placed on pretrial diversion or has been placed on any form of parole or probation.
The FBI takes approximately 48 hours to process a background check and the SBA generally makes their final decision within 10 business days. However, more complex background checks may take longer.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.