Have questions about your SBA or RLF loan? We have compiled a list of frequently asked questions to assist you. For further assistance with your loan, please contact us directly.
For RLF Loans, loan payments are due as indicated on your amortization schedule provided at your loan closing. Late fees may be charged 5 days after the due date. To request another copy of the your amortization schedule, please contact us.
For SBA 504 Loans, loan payments must be processed via an automatic debit. In the closing process with ADD, you filled out a form and provided a voided check indicating the account from which your loan payments will be automatically debited.
For RLF Loans, loan payments can be sent by ACH, check, or bill pay, or wire transfer. It is the client’s responsibility to set payments up according to their payment date using an appropriate payment method.
Yes, you may change the account from which your loan payments are automatically debited. A new ACH debit form is needed. Please complete this ACH form and email it to us along with a voided check for the new account. Both the completed ACH form and voided check must be received by our office no later than the 10th of the month in order for the new account to be used the following month for the automatic debit.
Computershare Corporate Trust Services is the Central Servicing Agent (CSA) for all SBA 504 loans. The CSA is responsible for processing loan payments and handling accounting for every SBA 504 loan nationwide.
Please note that Computershare Corporate Trust Services does not provide any direct client services. All inquiries regarding your SBA loan should be directed to Ally Dakota Development and will be handled by one of our team members.
Yes, it is possible for you to prepay your SBA 504 loan. SBA 504 loans are funded differently than conventional bank loans and therefore have unique payoff terms. Partial prepayment is not allowed. Loan assumption may be a possible alternative to loan payoff depending on your situation.
Please contact Ally Dakota immediately if you are considering loan payoff or assumption.
You can check your current loan balance at any time by referencing the Amortization Schedule we provided you with after your loan funded. To request another copy of the Amortization Schedule please contact us by email.
For SBA 504 Loans, the “Effective Rate” is referenced in the funding letter we provided you with after your loan funded. If you are unable to locate your letter, please contact us by email for your effective rate.
For RLF Loans, the interest rate is referenced on your loan authorization and your amortization schedule provided at closing. If you are unable to located these documents, please contact us by email for your effective rate.
You can update your contact information by sending us an email, please include your phone/fax numbers, mailing address, email address and website address.
A 1098 tax statement is provided annually to the borrowing entity. You can also calculate the interest paid on your loan by using the Amortization Schedule we provided you with after your loan funded. To request another 1098 tax statement, or a copy of your Amortization Schedule, please contact us.
Yes, you may be eligible for another SBA 504 loan. ADD has numerous clients who have received two or more SBA 504 loans to finance new locations and expansions for their growing businesses. Please contact us to find out if you are eligible for additional SBA 504 loan financing.
Submitting annual financial statements and/or federal tax returns is part of your commitment to ADD for your SBA 504 or RLF loan. We will send you a request for updated financials on an annual basis and ask that you submit them no later than six months after your fiscal year end. All of our borrowers are asked for the same information, regardless of loan performance, which is required by ADD’s examiners.
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