A disadvantage for a SBA loan application is the amount of paperwork that is involved. Our preferred SBA lender, SmartBiz , keeps the paperwork to a minimum. If you stayed for 2 + years in business, are profitable and have a credit score above 680 (check here for free) you get an SBA 7 prequalified (a) loans in minutes.
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More SBA loan application forms:
- SBA Form 1919 Borrower Information
- SBA form 159 Fee Disclosure form & Compensation Agreement
- SBA form 912 statement of Financial History
Who needs SBA form 413? Complete
Every candidate for the SBA 7 (a) general-purpose business loans and SBA 504 Property and equipment loan is SBA Form fill 413. Each of the following persons must fill out a form:
- Each holder of the company.
- Each partner or managing member of an LLC.
- Each limited partner with 20% or more interest.
- Each shareholder owning 20% or more voting shares.
- provision Any natural or legal person, a guarantee for the loan.
The SBA Form 413 Personal Financial Statement is three pages long. The first page provides an overview of your assets and liabilities, and all other pages ask for further details of the numbers on the first page made available. In other words, all sections on pages 2 and 3 relate to certain parts of the summary on page 1.
What paperwork you need SBA Form 413 to complete
Before SBA form start 413, you will need to gather a lot of paperwork. At the top of the form is a "From [date]." Your goal is paperwork that reflects Before completing the application your assets and liabilities from the last full month. For example, if you fill in the form on May 8, 2016 it is necessary to collect documents, with information going until 30 April 2016. Your will from the date be 30 April 2016.
If you are married and filed should be on the form, a joint tax return, your name and your spouse. This does not mean that your spouse is a guarantee for the loan, but simply that you have common assets and have joint debts. All common assets and liabilities are reported on the form, unless a legal document such as a marriage contract have that specifically separates certain assets
Collect the following documents :.
- checking and savings account statements balances
- IRA, 401 (k) and other retirement account statements showing balances shows
- life insurance documents current credit indicates
- stocks, bonds and other investment documents current value indicates
- pay stub current annual salary is
- explanations for disability income, fixed income, property income or other sources of income
- mortgage statements, car loan statements, credit card statements, and statements for other types loans
SBA Form 413 definitions and Terms
Conditions
expiration date - the expiration date is listed in the upper right side. Make sure that the form is current and has not expired. You should be able to obtain a current copy of up to SBA's Forms website .
"From" date - This displays the date that is based all information provided off. It is recommended to go back to the previous month, using the last day of the month. For example, if you fill in the form on September 10, use 31 August as a "subject" date
name -. If you are married and file a joint return, both you name, your name and should provide your spouse. This is not your spouse a guarantor, but indicates that you own assets and liabilities together
residence - .. Use your current address
Company name and name of applicant -. Write in the legal name of your company, as demonstrated at the recent Annual Federal Tax Return
Business and Residence Phone - ask for business phone, a direct management available , not a secretary. For residence phone, give your phone. This is a faster communication in the case allow the SBA or the lender has any questions about your application.
Assets
Cash on hand in banks - the total amount of money in all your personal checking accounts, including individual current accounts, joint checking accounts and current accounts of your spouse (if you are married and filed return a common control are with your spouse).
savings accounts -. , Provide the total amount in your savings accounts money market accounts and CDs
IRA and other retirement accounts - Enter the total value of your Roth IRA, traditional IRA, 401 (k) account and other retirement accounts. Make sure the value of each retirement are accounts from previous jobs that you forgot to roll in your current retirement accounts
Accounts & Notes receivables . - This section contains all personal loans, you have given people. This is not a commonly used section, but if you have borrowed money, the
Life Insurance-cash amount are here only -. This applies only for whole life insurance policies, which are a cash payment if the policy is canceled. If you have one of these policies, enter the total you would get. This does not apply for term life insurance
stocks and bonds -. Enter the total value of all of you, your spouse and securities held in common. You get a complete description of these securities in Section 3 on the second page of this form provide
property -. List the value of all the apartments and commercial real estate that you own, have your spouse, or you own jointly together. You get a complete description of these features in Section 4 on the 2 nd make page of this form.
Automobiles - This section contains the obligation of all of the cars, boats and RV you own (not the amount you paid for it). For cars, you can use Kelley Blue Book for a quick estimate of the present value. Enter any leased vehicles in this total
Other Personal Property -. You can estimate the total value of your various personal items, such as jewelry include, artwork, electronics, antiques, etc. Try to give an accurate and realistic assessment, which does not inflate the value of your property
Other assets -. This is an entire section for each other personal items to catch, you have not been listed, including Net value ~~ POS = HEADCOMP of your ownership stake in all companies. There are many ways to value a company, which allows you to learn more about in our guide to small business valuation . One way to determine the market value of the company to determine the value if you sell it were (including assets) and liabilities subtract. Then multiply this total net value of your stake in the company. For example, if 25% of a company with a market value of $ 1.5 million and have $ 500,000 debt, you have the following calculation: $ 1.5 million - $ 500,000 = $ 1,000,000 x 0.25. The value of your bet would be $ 250,000 and that is what would you write on SBA Form 413.
Total assets - the sum of all add up here your assets.
Liabilities
Accounts Payable in resort - This section is related to products and on credit or on a regular basis payment services. This is not include credit cards or other personal lines of credit. This section is not often used
Notes Payable to Banks and other -. This section is for the total balance of all your credit cards, personal loans and personal lines of credit. We recommend that you get a credit report to make sure that you never miss - you are entitled to a free copy of your credit report every year from each of the three major consumer bureaus
rate account (auto) -. This section is for the total of all your vehicle loans and leases, including cars, boats, airplanes, etc. Include the total outstanding balance and total monthly payment. If you have multiple vehicle payments or leases, set the total combined monthly payment.
rate account (Other) -This is section for other personal loans, such as to pay student loans or other personal loans for more than a year. Insert the total balance and total monthly payment on all loans
loans on Life Insurance -. If you have taken a loan against your life insurance policy, the list of outstanding amount. This applies only for whole life insurance policies, not on term life insurance.
mortgage on property - Insert the total amount you owe on all your personal mortgage. Do not place the original amount of the mortgage, only the currently outstanding debt
unpaid taxes -. Include all unpaid property, income, school or other taxes.
other liabilities - all for other liabilities This section is a hook, you have not mentioned so far
[1945018dieSummederVerbindlichkeiten] -. Add the value of all your debt up here
Net Worth - This place is for the total assets minus total liabilities
general - .. Add the total liabilities to your total net value ~~ POS = HEADCOMP
How SBA fill Form 413 in 8 steps
step 1: income sources
content - Add any wage income for you and your spouse. Only the amount you report on your W2 or 1099 tax forms. If your company is an LLC and your salary is what you take out of the company, do not include it here, but as part of the ownership interests in the "Other assets" section mentioned above.
The investment result - buy This section contains no income from dividends and interest on stocks and bonds
Real Estate Income . - This is your net annual income from rental of property after expenses
other income -. This section is for other income that you receive on a regular basis. This can child benefits include a pension or other income. Describe this income in the box under Section 1 provided
Contingent
as endorser or co-maker - List the total outstanding debt of any loans you have cosigned
legally Claims & judgments -. Lists. All liabilities associated with legal judgments and claims
provision for federal income tax - set list of money aside to pay taxes of federal income expected
[1945018Other] special debt - this is another catch all for other debt
step 2: Notes payable to banks and other
this section are all your debts, such as credit cards, personal loans and student loans. If you do not have enough space, attach another sheet of paper with the required information. If you need to attach an additional sheet, be sure to write your name, "as of" date and "SBA Form 413 - Section 2". In the top left corner
Name and address of Noteholders- Try typing the name and address of the bank to keep your debt. Space is limited, so use abbreviations if you need. If you have multiple loans or credit cards from the same bank, list the last four digits of the account number, so it can be matched with a credit report
Original Balance :. Put the total amount when the account was first established. For credit bet $ 0. For other loans, the initial loan amount
laid Current balance :. Set the total amount you currently owe. Set $ 0 cards for credit if you pay your balance in full every month and do not keep a balance.
payment amount: Specify the minimum payment, you pay with each statement. For credit cards, you can write "varies."
Frequency . Make a note of the schedule of payments, which is
as Secured or Endorsed usually monthly - Type of securities: You should show how your loans used as collateral by the description of the property or properties, are secured. If collateral was not required, write "dirty" in the text box. Most credit cards are unsecured
Step 3 :. Stocks and bonds
This section is where you list all securities that hold you and your spouse. There is space for four people, but if you must, you can attach an additional sheet with more. If you need to attach an additional sheet, be sure to write your name, "as of" date and "SBA Form 413 - Section 3". At the top of
Number of shares - select the total number you own
Name of Security - .. note the name of
costs -. Put the cost of purchase
market value offer / exchange - Set the value of the security on the as-of selected date you
offer date / exchange -. This is the day, the value (the same as the as of date).
total - Multiply the market value by the number of shares that you own. This should correspond to what you entered on page 1 of the form under "Assets" "stocks and bonds"
Step 4 :. Real Estate Owned
This section is all property that you own in your name for a detailed description. List any property that you report on your personal taxes. Property A should be your primary residence if you own your current residence. Use the sections B and C for additional properties. If you own more than three properties, add a "Schedule of Real Estate", which identifies the same information for all properties. If you need to attach an additional sheet, you should include your name, "from" date and "SBA Form 413 - Section 4".
Property Type: [1945015[ List Property Type as "principal residence", "undeveloped lot" or "investment property."
Address: Use same one. Address you for this property on your personal tax return list
Purchase Date :. Use the date on your mortgage bill of sale [1945007[
Original cost: to the purchase price list
current market value .: to when selling the current estimate of the use of property today. You can get an estimate by calling a broker or use an online tool like Zillow or Trulia. Try as accurately to use an estimate as possible and avoid over inflating the value of
Name and address of owner mortgage :. Specify the bank name and address. If you have numerous mortgage of the same bank, put the last four digits of the account number as well as
amount of payment per month / year .: Put your monthly / yearly mortgage payment. Write N / A if you paid your mortgage is
Status of Mortgage: .. Write "current", "foreclosure" or "paid in full"
step 5: Other personal property and other assets
This section is for any personal property of significant value, such as jewelry, electronics, retirement accounts, automobiles, recreational vehicles, etc. Try, including car model and year to provide as much information as possible available. If you have any of the items used as collateral for loans or have liens against them, make sure you list the name and address of the pledgee, the amount of the deposit and payment (payment amount and frequency).
You can also buy in your small business, use the value of your ownership interest that section for details. You can add details to justify your evaluation of your company. For more information about how to appreciate your business, click here .
Step 6 :. Unpaid taxes
lists all outstanding taxes here and indicate whether they, Bund are country or local taxes
Step 7: other liabilities
This section is a catch all in the all other liabilities list may not previously been disclosed in the form [
step 8: life Insurance held
list all life insurance you have, including term, whole life, and variable life insurance. Enter nominal value that would be placed on your beneficiaries available, and the redemption value, if you have the whole life. Also show the full name of the political beneficiaries.
Exits your SBA Form 413? Submit loan SBA application wth SmartBiz, our preferred SBA lenders for loans under $ 350K.
Bottom Line
Once finished finished SBA Form 413 , sign and date it the last page, print it out and assemble them in a binder with all the supporting documents that you check the details on the form. When filling in the form, contain nothing that can not be easily secured with the documentation. It is likely that your banker Request some of these forms to verify your claims, so it accelerate your loan application process, if you already have assembled it and ready to go. Whenever possible, provide copies of documents rather than the originals.
If you want your SBA to minimize paperwork, you can see our recommended SBA try lenders SmartBiz , for loans under 350K $. They are the best company that we have found on the quick turnaround on SBA loan approvals. You can get pre-qualified with no impact on your credit score in less than 5 minutes.
visit SmartBiz
Download SBA Form Here 413
More SBA loan application forms:
- SBA form 1919 Borrower information
- SBA form 159 Fee Disclosure form & Compensation Agreement
- SBA form 912 statement of Financial History
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