Meet The Team

Vicki Cesario - Underwriter - 909.792.3803 x 106 - vicki@efc504.com

Jeff Sceranka

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President

909.792.3803 x 100

Cell: 909.499.9837

jeff@efc504.com

Lucas Sceranka

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SBA Relationship Officer

909.792.3803 x 102

Cell: 909.635.7290

lucas@efc504.com

David Poole

Servicing Officer

909.792.3803 x 103

david@efc504.com

Brianne Sceranka

Operations Manager

909.792.3803 x 104

brianne@efc504.com

 

Board of Directors

Draymond Crawford - Former Bank Representative

Jeff Sceranka - President | Enterprise Funding Corporation

Vincent McCoy - Director | Inland Empire Small Business Dev. Corp.

Rob Moran - Economic Development Director | County of Riverside

Paul Russ - Former City Official

Adam Russell - Senior Managing Director | Opus Bank

Jeanne Batista - Owner | JM Batista Solutions

Rod Yahnke - Economic Development Director | City of Hesperia

Russell Moore - Retired Commercial Banking Officer

 

Financing structure of a typical $1 million project

 
 

Why is this financing special?

  • Our portion of the financing can be up to $5.5 million

  • As little as 10% down

  • Approval within two weeks

  • Secondary collateral is rarely required

  • Long term fixed rates (10, 20 and 25 year terms)

  • Most fees can  be included in the financing which means fewer out of pocket costs

  • Our loan is assumable

  • We are a one stop shop

    • We package the loan for free
    • We make all the copies
    • We find the bank

What can an SBA 504 loan be used for?

  • The purchase of land, including existing  buildings

  • The purchase of improvements, including grading, street improvements, utilities, parking lots and landscaping

  • The construction of new facilities or modernizing, renovating or converting existing facilities

  • The purchase of long-term machinery and equipment

  • To refinance existing debt

 

Eligibility

Business Type

THE BUSINESS MUST BE FOR PROFIT

Eligible business types include:

Hotels/Motels

Office Suites

Retail Operations

Manufacturing Operations

Service Operations

Wholesale Operations

Trailer Parks (R.V. Parks)

Campgrounds

Self Storage Facilities

Residential Care Facilities (such as

nursing homes)

Equipment Rental Businesses

Marinas

Equestrian Centers

Independent Contractor Agents of

Insurance Companies

SIZE

For existing businesses, the business must have an average net profit after taxes of less than $5 million per year over the past two years. $6.25 million if the business is in a labor surplus area

Occupancy

For purchase or renovation of existing buildings the business must occupy at least 51%

 

For new construction and occupancy the business must immediately occupy 60% of the new building

Guaranty

Personal guarantees are required for anyone who owns 20% or more of the operating company

Contact us today and we will help you determine whether your business is eligible

 

504 vs 7a

504 Loan

  • An SBA 504 loan is for real estate, tenant improvements, and equipment. It cannot finance inventory, working capital, or accounts receivable.

  • The term on a 504 is for ten, twenty or twenty five years with a fixed interest rate for both periods for the term of the loan.

  • The interest rate for the 504 loan is tied to the ten or five year Treasury Bill. It is usually below conventional interest rates.

  • The 504 loan is a partnership with a third party lender such as a bank. It is structured as 50% bank, 40% EFC, 10% borrower, unless it is a new business or special purpose buildings where the down payment is increased by 5% for each.

  • The 504 loan uses the collateral being financed and typically does not use the home of the borrower or other assets.

  • There is no limit to the project size.

 

7a Loan

  • Can be used for any real estate, inventory, working capital, or receivables.

  • It is usually a variable rate loan, not fixed as in the 504.

  • It is frequently uses all available assets of the borrower and not just the collateral of the project being financed as in the 504 loan.

  • 7a loans typically require more than 10% down.

  • 7a loans are typically for shorter terms than the 504 loan.

  • 7a loans are done with the bank only, there is no CDC involved.

 

Loan Servicing

FOR ANY QUESTIONS ABOUT YOUR EXISTING LOAN PLEASE CONTACT DAVID POOLE:

David@efc504.com | (909) 792-3803 x 103 | or fax to (909) 792-3813

Mail to: 300 E. State St., Ste. 230M, Redlands, CA 92373

How do I check my balance?

Wells Fargo does not provide monthly statements, instead you should have received an amortization schedule just after your loan funded. Your amortization schedule is a breakdown of your monthly loan payment for the life of your loan. If you want to view the payments you have made to date, contact David Poole.

How do I payoff my loan?

Loan prepayments are made once a month on the third Thursday. If you wish to pay your outstanding loan balance, please contact Enterprise Funding with a request to do so. All payoff request must be received prior to the 31st of the month prior to payoff.

Please include the following information in your request:

  • Month of expected payoff

  • Loan Number

  • Escrow or bank contact info if available

How much interest have I paid?

If you need a copy of your 1098 statement for interest paid please send email to David Poole

  • 1098 Statements not available until after January 31st.

To change the reporting of interest on your loan to the IRS Complete a W-9 form and send to David Poole.

How can I change my account for automatic debit payment?

If you want to change the account that is automatically debited for your monthly payments please submit a new ACH Form and a voided check to David Poole.

Submitting required property insurance

CDC must at all times have a current copy of your Hazard Insurance, Workers Compensation and/or Business Personal Property. We ask that your insurance agent include the following on the proof of insurance.

  • In the form of an Acord 28 (Evidence of Commercial Property Insurance) showing Replacement Cost coverage on building and Equipment (if any)

  • Borrower's name, loan number, property address, policy number and expiration date

  • CDC and SBA named as 2nd mortgagee and loss payee

Enterprise Funding and U.S. Small Business Administration, and their successors and/or assigns, as their interests may appear.

Submitting current financials

Current financial information is required to be submitted on an annual basis. Please submit them to David Poole.

Changing the structure of the loan

Any changes to the structure of your loan must have prior written conset from SBA. Examples are:

  • Change of form

 

  • Assumption

  • Change of Ownership

  • Change of Management

 

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