SBA Loan Checklist
Getting ready to request an SBA Loan for financing? Â Like a lot of things in life, it’s best to go into it being prepared. Â That means understanding the SBA Loan Process, and doing all your homework early.
To help you along that path, check out our SBA loan checklist below:
- SBA Loan Application –: Borrower Information Form – SBA Form 1919
- Personal Background and Financial Statement – To assess your eligibility, the SBA also requires you complete the following forms:
- Business Financial Statements – To support your application and demonstrate your ability to repay the loan, prepare and include the following financial statements:
- Profit and Loss (P&L) Statement – This must be current within 90 days of your application. Also include supplementary schedules from the last three fiscal years.
- Projected Financial Statements – Include a detailed, one-year projection of income and finances and attach a written explanation as to how you expect to achieve this projection.
- Ownership and Affiliations – Include a list of names and addresses of any subsidiaries and affiliates, including concerns in which you hold a controlling interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with you.
- Business Certificate/License – Your original business license or certificate of doing business.   If your business is a corporation, stamp your corporate seal on the SBA loan application form.
- Loan Application History – Include records of any loans you may have applied for in the past.
- Income Tax Returns – Include signed personal and business federal income tax returns of your business’ principals for previous three years.
- Résumés – Include personal résumés for each principal.
- Business Overview and History – Provide a brief history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the business.
- Business Lease – Include a copy of your business lease, or note from your landlord, giving terms of proposed lease.
- If You are Purchasing an Existing Business – The following information is needed for purchasing an existing business:
- Current balance sheet and P&L statement of business to be purchased
- Previous two years federal income tax returns of the business
- Proposed Bill of Sale including Terms of Sale
- Asking price with schedule of inventory, machinery and equipment, furniture and fixtures
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