Your SBA Loan Check List
Once you’ve decided to apply for a loan guaranteed by the SBA, you’ll need to collect the appropriate documents for your application. Use the checklist below as a guideline to ensure you have everything the lender may ask for to complete the application. Once the loan package is complete, the lender will submit it to the SBA.❒ Borrower Information Form
To begin the process, the small business owner will need to complete SBA Form 1919. This form must be completed by all associates of the business applicant as required on the form, to include all owners of 20% or more of the business, all officers and directors, managing members, any person hired to manage the day-to-day operations and any other person who is guaranteeing the loan.
❒ Personal Background and Financial Statement
To assess a small business owner’s eligibility, the SBA also might require that they complete the following forms:
❒ Statement of Personal History - SBA Form 912 (If required after completing Form 1919)
❒ Personal Financial Statement - SBA Form 413 (Not required, but available for lenders to use)
❒ Business Financial Statement
To support a small business owner’s application and demonstrate ability to repay the a loan, the following statements must be prepared:
❒ Year End Profit and Loss (P&L) Statement for the last three years
❒ Year End Balance Sheet for the last three years, including a detailed debt schedule
❒ Reconciliation of Net Worth
❒ Interim Balance Sheet
❒ Interim Profit & Loss Statements
❒ Projected Financial Statements that include month to month cash flow projections, for at least a one-year period.
❒ Business Certificate/License
Small business owners will need to be able to provide the original business license or certificate of doing business when closing the loan. If the business is a corporation, stamp the corporate seal on the SBA loan application form. This information should be readily available to provide to the lender.
❒ Loan Application History
Include records of any loans the small business owner may have applied for in the past.
❒ Income Tax Returns
Include the business’ signed federal income tax returns for the previous three years.
All loans are subject to credit approval. Restrictions and limitations may apply. First Bank of the Lake does not provide tax, legal or investment advice.
All decisions concerning these matters should be made in conjunction with your professional advisors.
YOUR SOURCE FOR SBA LENDING!
As a nationwide Preferred SBA Lender, we have the resources and ex tensive ex perience to tailor solutions for your business.
❒ Resumes
Include personal resumes for each principal.
❒ Business Overview and History
Provide a 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 the business lease, or note for a landlord, giving terms of the proposed lease.
❒ Additional Documents (If Purchasing an Existing Business)
The following information may be required for purchasing an existing business:
❒ Current balance sheet and P&L statement of business to be purchased
❒ Previous three years’ federal income tax returns of the business to be purchased
❒ Proposed Bill of Sale including Terms of Sale
❒ Asking price with schedule of inventory, machinery and equipment, furniture and fixtures
❒ Franchise, jobber or licensing agreements
❒ Proof of equity injection
❒ Additional SBA forms may be required based on the specific use of proceeds or fees paid by the applicant to a loans package, broker or agent
If you would like to learn more about our SBA loans, please visit our website. You will find a ton of helpful resources there. Please visit https://firstbanklake.com/sba-loans.html. We have a very large SBA lender team and we can't wait for your SBA loans to be met by us. Helping small businesses grow is our passion!
Member FDIC.
4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065
(573) 348-2265
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