To be eligible for SBA 504 loans there are principals that need to be met by applicants.
Owners must be U.S. citizens or registered aliens with green cards
Owners cannot be convicted felons or currently on probation
Anyone who owns 20 percent or more of the operating company must be a guarantor (unsecured general guarantee)
Liquid assets of the principals are taken into account in determining eligibility, too many liquid assets owned by a principal could disqualify the applicant as it could be deemed that the principal does not need SBA 504 assistance
