You’ll need to gather the necessary paperwork for your application after you’ve chosen to apply for an SBA-guaranteed loan. SBA direct loans are not accessible. The procedure begins with your local lender, who will work under SBA standards.
Double-check that you have everything the lender will need to finish your application using the checklist below. Your lender will submit your loan package to the SBA once it is complete.
- To get started, you’ll need to complete out a Small Business Administration loan application form. You may get the most recent version of the form here: Form for Borrower Information (SBA Form 1919)
- Financial Statement and Personal Background — The SBA also asks you to submit the following papers in order to determine your eligibility:
- Personal History Statement (SBA Form 912)
- Financial Statement for Individuals (SBA Form 413)
- Business Financial Statements – Prepare and submit the financial statements listed below to support your application and demonstrate your ability to repay the loan:
- P&L Statement – Within 180 days of filing your application, this must be current. Additional schedules from the preceding three fiscal years should also be provided.
- Provide a one-year revenue and financial projection, as well as a written explanation of how you aim to reach this target, in your predicted financial statements.
- Include a list of any subsidiaries and affiliates, as well as any companies in which you have a controlling interest or are connected to you by stock ownership, franchising, a possible merger, or other means.
- Business License/Certificate — Provide a copy of your current business license or certificate. Stamp your corporate seal on the SBA loan application form if your company is a corporation.
- History of Loan Applications — Keep track of any previous loan applications you’ve made.
- Income Tax Returns – For the last three years, include signed personal and business federal income tax returns from your company’s owners.
- The personal résumé of each principle should be offered.
- The Company’s Overview and History — Give a quick overview of the company’s history and issues. Include a justification for why the SBA loan is needed and how it will help the business.
- Include a copy of your company lease or a letter from your landlord outlining the lease conditions you’re proposing.
- You’ll need the following information if you wish to buy an existing business:
- The current balance sheet and profit and loss account of the company are for sale.
- Returns of the business’s federal income tax returns for the previous two years
- The proposed Bill of Transaction contains the terms of the sale.
- The asking price includes inventory, machinery, and equipment, as well as furniture and fixtures.