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What is SBA Form 601?
SBA form 601 is also known as the agreement of compliance. The form is widely used in construction. Usually, the form 601 SBA must be filled out by the borrower and after that by the contractor. They complete it to receive the Small Business Administration loan. The money can be provided only if the construction plan requires over $10 000.
The document was created by the United States Small Business Administration to help subcontractors and contractors to receive work and payment. Originally it was created back in 1985. Since that time numerous changes have been made in the document.
The SBA form 601 agreement of compliance guarantees to the workers that they will perform the task in accordance with the anti-discrimination laws and by the Federally assisted construction contract. And agreement prohibits any discrimination on the race, sex, religion, and national origin of the worker. SBA picks carefully those who claim the loan.
What I need the SBA Form 601 for?
- You need an SBA form 601 PDF if you are an applicant and you want to receive the loan on the building project you have. It must be a project for more than $10,000. You have to prove that you are capable to work in accordance with SBA demands;
- If you are part of the construction team and you want to become a borrower you have to fill out the document, agreeing on the anti-discrimination and Federally assisted construction rules;
- SBA uses this agreement to make sure that those contractors who received the loan act in accordance with it, following each rule mentioned in the form.
How to Fill Out SBA Form 601?
If you are wondering how to fill out SBA form 601, you need to read this section. The form is available on PDFLiner for anyone who needs it. It is totally free of charge. You can download it on your computer and print it right away to complete it manually. However, you can also stay within the editor, use all its tools, and fill out the form online. This is the simplest way since you don’t need to print anything or scan it.
Once you are finished you can send the form to the other party that must sign the form as well. While the document has two pages, you will find mostly SBA form 601 instructions on each of them. All you need to do there is basically sign the agreement. However, you can’t do that without reading all the statements provided by SBA in the first place. Those who receive the loan from the Small Business Administration will be closely watched and have to act in accordance with each statement in the form. Here is what you need to include there:
- Read carefully all the statements from SBA;
- Make sure your particular situation matches the demands of the administration;
- Check out whether your project requires a specific sum of money;
- Write down your name as the applicant;
- Write down the name of the general contractor;
- Put the exact date, address, and name of the applicant and the authorized official;
- Sign the document and use the corporate seal if you have one.
Organizations that work with SBA Form 601
- United States Small Business Administration.
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Fillable online SBA Form 601 - Agreement of Compliance