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Our local staff at NSDC is available to help borrowers with their questions and to comply with the terms of their loan. This includes pre-payments, loan assumptions, maintaining appropriate insurance and several other transactions.

We are available to you by email or by telephone at 800-726-2494.

Pre-payment Information

If you have an SBA 504 Loan:

We can provide an estimated payoff amount to you for planning purposes. Once you decide to pay off your loan, please keep this information in mind:

• NSDC must have a 45 day written notice (which we can provide) that the loan is going to prepay.
• 504 loans can only be pre-paid on the 3rd Thursday of every month.
• The payoff amount is the sum of the following: Outstanding note balance at the semi-annual date; monthly payments (minus fees) due up to an including the semi-annual month; and prepayment premium (if any).
• A prepayment penalty may apply. The prepayment penalty is a declining amount over the first half of the term of the debenture.

Please contact our office immediately for more information and to establish a payoff date.

Wiring Instructions

Your payment must be either automatically deducted or wired to Colson Services Corporation, as they do not accept checks. Most borrowers prefer the automatic deduction method. In the event your automatic deduction did not go through, for whatever reason, you will be asked to wire in your payment.

The wiring instructions are as follows:

The Bank of New York
For Credit to Colson Services Corp.
ABA #: 021-000-018
Account #: 890-060-6762
FFC: Colson Services Corp – 504 Deposit ACH
SBA Loan Number: your loan number
SBA Loan Name: your business name
Amount to be wired: your loan payment amount

All payments received after the 15th of the month will be assessed a late fee of $100.00 or 5% of your loan payment, whichever is greater.

Insurance Information

Pursuant to the terms of your Deed of Trust, you are required to insure your property for the full insurable value on a replacement cost basis. Evidence of Property Insurance must be provided and kept current for the life of loan by the owner of the property. NSDC is to be listed as a second mortgagee, worded as follows:

U.S. Small Business Administration
c/o Nevada State Development Corporation
6572 South McCarran Blvd.
Reno, NV 89509

Please have your agent forward a copy of your policy to our office. Please note we require Building Coverage only and not liability.

Businesses deemed to be located in a flood zone must purchase Flood Insurance on the property. Flood Insurance must be provided for and kept current for the life of the loan by the owner of the property.
If there has been a change in the flood zone where you are located and you feel insurance is no longer needed, please call the Reno office at (775) 770-1240 or (800) 726-2494 and ask that the requirement be removed.

Year End Financial Statement Information. What do you need?

A Financial Statement is a written report that reflects the financial condition of an individual or business. Business Financial Statements include a balance sheet and income statement (profit and loss statement), and should be prepared by an independent qualified public accountant. A Year end refers to the fiscal year end of the operating small business.

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