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SBA Loans

While SBA loans are more advantageous than standard business loans, they have many of the same overall requirements.

The SBA CheckList

The checklist below comprises a full loan package. Once it is complete, you’ll be ready to submit your SBA loan.

To start, you’ll need to complete SBA Form 1919. If required, all your business associates must also complete the form so that it includes all people who own 20 percent or more of the business. You’ll also include all officers and directors, managing members, any person managing the day-to-day operations, and any other person who may be guaranteeing the loan.

  1. To assess your eligibility, the SBA may also require the following forms:
  2. Statement of Personal History– SBA Form 912 (if required after completing Form 1919)
  3. Personal Financial Statement– SBA Form 413 (not required, but available for lenders to use)

The following statements must be included to support your application and to demonstrate your ability to repay a loan.

  1. Year-End Profit and Loss (P&L) Statement for the last three years
  2. Year-End Balance Sheet for the last three years, including a detailed debt schedule
  3.  Reconciliation of Net Worth
  4. Interim Balance Sheet
  5. Interim Profit & Loss Statements
  6. Projected Financial Statements(including month to month cash flow estimates, for a minimum of one year)

  1. Include records of any loans you’ve applied for.

    1. Income Tax Returns
    2. Your business’s signed federal income tax returns for the previous three years must be included.
    3. Resumes
    4. Personal resumes for each principal need to be included.
    5. Business Overview and History
    6. Provide a business plan with a history of your business and its challenges. Include an explanation of why an SBA loan is needed and how it will help the business.
     

YTAAS is Guidant Partners with You for Loan Success

As you’ve likely already realized by now, SBA loan applications are complicated. That’s why we provide a thorough and comprehensive analysis to make sure everything is right before you apply, giving you the best chance of success. With us, you’ll also reach our extensive network of lenders with just one application – and get the perfect loan fit thanks to a competitive advantage.
As you’ve likely already realized by now, SBA loan applications are complicated. That’s why we provide a thorough and comprehensive analysis to make sure everything is right before you apply, giving you the best chance of success. With us, you’ll also reach our extensive network of lenders with just one application – and get the perfect loan fit thanks to a competitive advantage.
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