[[https://www.sba.gov/funding-programs/loans/504-loans|SBA 504 Loans]] Prompt used in Anthropic can you help write a bpmn model for this Overview The SBA 504 loan program is a small business financing option that provides long-term, fixed-rate financing for major fixed assets like real estate and equipment. Structure First Mortgage (50%): Conventional lender Second Mortgage (40%): CDC/SBA portion Down Payment (10%): Business owner May increase to 15% for new businesses May increase to 20% for special-use properties Step 1: Prequalification Verify business eligibility: For-profit business Net worth under $15 million Net income under $5 million after taxes Owner must occupy 51%+ of property Project must create/retain jobs or meet public policy goals Gather required documentation: Business financial statements (3 years) Tax returns (3 years) Business plan Personal financial statement Real estate information or equipment specifications Project costs breakdown Step 2: Application Process Identify and apply with a Certified Development Company (CDC) CDC is a nonprofit organization certified by SBA Will assist with application package Helps structure the deal Secure conventional lender for first mortgage Usually a bank or credit union Must provide minimum 50% of project cost Conducts own underwriting process Complete CDC/SBA application package: SBA Form 1244 Business organization documents Environmental studies Real estate appraisal Equipment appraisals (if applicable) Construction plans (if applicable) Step 3: Underwriting CDC Review Analysis of business financials Verification of job creation/retention Project feasibility study Credit analysis SBA Review Final approval authority Reviews CDC recommendation Issues authorization if approved Step 4: Closing Process First Mortgage Closing Conventional lender closes their portion Funds held in escrow CDC/SBA Debenture Closing CDC prepares closing documents SBA reviews and approves Debenture sale scheduled Funding Debenture sold to investors Funds disbursed Project completed Step 5: Post-Closing Requirements Ongoing Reporting Annual financial statements Tax returns Insurance certificates Job creation verification Compliance Monitoring CDC annual inspections Occupancy requirements Job creation/retention verification Insurance maintenance start-prequalificationstart-prequalificationprequalification-gatherDocumentsprequalification-gatherDocumentsgatherDocuments-identifyCDCgatherDocuments-identifyCDCidentifyCDC-secureConventionalLenderidentifyCDC-secureConventionalLendersecureConventionalLender-completeApplicationsecureConventionalLender-completeApplicationcompleteApplication-underwritingGatewaycompleteApplication-underwritingGatewayunderwritingGateway-cdcReviewunderwritingGateway-sbaReviewcdcReview-underwritingGateway-joinsbaReview-underwritingGateway-joinunderwritingGateway-join-approvalGatewayunderwritingGateway-cdcReviewcdcReview-underwritingGateway-joinunderwritingGateway-sbaReviewsbaReview-underwritingGateway-joinunderwritingGateway-join-approvalGatewayapprovalGateway-firstMortgageClosingapprovalGateway-firstMortgageClosingfirstMortgageClosing-cdcSbaDebentureClosurefirstMortgageClosing-cdcSbaDebentureClosurecdcSbaDebentureClosure-fundingcdcSbaDebentureClosure-fundingfunding-postClosingRequirementsfunding-postClosingRequirementspostClosingRequirements-endpostClosingRequirements-end