While most banks, as well as select commercial finance companies, offer sba 504 loan, there are two specialized categories worth knowing about. These are Certified Lenders and Preferred Lenders, both of which have entered into contractual relationships with the SBA and officially participate in the sba 504 loan Certified Lender/Preferred Lender programs (CLP/PLP).

These lender programs were designed to provide better response to borrowers; they accomplish this goal by placing additional responsibilities on the lenders for analysis, structuring, approval, servicing and liquidation of loans, within sba 504 loan guidelines.

About 850 lenders qualify for to lend sba 504 loan, having met certain criteria, the most important of which, from the borrower's perspective, is extensive experience in sba 504 loan. Certified lenders account for about 9 percent of all SBA business-loan guarantees. Since the certified bank does much of the SBA's work, the agency offers turnaround times of three business days for processing the application.

Approximately 500 lenders meet preferred lender standards. This group processes approximately 30 percent of sba 504 loan / SBA loans. Preferred lenders have full lending authority and as a result can offer a one-day turnaround on completed loan applications.

If you are seeking an sba 504 loan, your best bet is to work with a certified or preferred lender. The SBA-guarantee process is tricky at best, and you want a lender who has been through it more than once.