SBA Loan Application Checklist

The following forms and documents are required when applying for a loan that is guaranteed by the U.S. Small Business Administration.

SBA does not provide direct loans. You will need to contact your local bank or lending institution to obtain an SBA loan. Your lender will submit your loan package to SBA.

You and your lender should review this checklist to ensure all documentation is included.

1. SBA Loan Application
   • Application for Business Loan – SBA Form 4
     This form should be completed by you, the business owner.
   • Lenders Application for Guaranty or Participation – SBA Form 4i
     This form should be completed by your lending institution.
2. Personal Background

   Statement of Personal History – SBA Form 912

3. Personal Financial Statement

   Personal Financial Statement – SBA form 413

4. Business Financial Statements

   Detailed, signed Balance Sheet and Profit & Loss. Statements current (within 90 days of application) and last three (3) fiscal years Supplementary Schedules required on Current Financial Statements.

5. Projected Financial Statements

   Detailed one (1) year projection of Income & Finances (please attach written explanation as to how you expect to achieve same).

6. Ownership and Affiliations

   A list of names and addresses of any subsidiaries and affiliates, including concerns in which the applicant holds a controlling (but not necessarily a majority) interest and other concerns that may be affiliated by stock ownership, franchise, proposed merger or otherwise with the applicant.

7. Business Certificate / License

   Certificate of Doing Business (If a corporation, stamp corporate seal on SBA Form 4 section 12).

8. Loan Application History

   By Law, the SBA may not guarantee a loan if a business can obtain funds on reasonable terms from a bank or other private source. A borrower therefore must first seek private financing.

   A company must be independently owned and operated, not dominant in its field and must meet certain standards of size in terms of employees or annual receipts. Loans cannot b made to speculative businesses, newspapers, or businesses engaged in gambling.

   Applicants for loans must also agree to comply with SBA regulation that there will be no discrimination in employment or services to the public, based on race, color, religion, national origin, sex or marital status.

9. Business Income Tax Returns

   Signed Business Federal Income Tax Returns for previous three (3) year.

10. Personal Tax Returns

    Signed Personal Federal Income Tax Returns of principals for previous three (3) years.

11. Resumes

    Personal Resume including business experience of each principal.

12. Business Overview and History

    Brief history of the business and its problems. Include an explanation of why the SBA loan is needed and how it will help the business.

13. Business Lease

    Copy of Business Lease (or note from landlord) giving terms of proposed lease.

14. For purchasing an existing business:

    a. Current Balance Sheet and Profit & Loss Statement of business to be purchased.
    b. Previous two (2) years Federal Income Tax Returns of the business.
    c. Propose Bill of Sale Including: Terms of Sale.
    d. Asking Price with schedule of:

    1. Inventory
    2. Machinery & Equipment
    3. Furniture & Fixtures

15. More Information

    List of SBA Financial Assistance Forms