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What documents are needed for an SBA loan?

When applying for an SBA loan, specifically the SBA 7(a) loan program, you will need to prepare a comprehensive set of documents. These documents are crucial for the lender to assess your eligibility and understand the financial health of your business. Here’s a more detailed list of the required documents for an SBA 7(a) loan application:

Of course, any business looking for financing would be hard-pressed to find a loan with better terms than an SBA loan. This wide relevancy is because of the unique way the SBA has designed their loan programs.

SBA Form 1919 (Borrower Information Form)

SBA Form 1919 gathers detailed information about the loan applicant, including personal information, business details, and ownership structure. It’s the primary form used to evaluate your eligibility.

SBA Form 413 (Personal Financial Statement)

SBA Form 413 offers a detailed report of your personal net worth, including assets, liabilities, income, and expenses.

Business Financial Statements

Comprehensive financial data about your business, such as:

  • Balance Sheet: A year-to-date snapshot of your business’s financial condition.
  • Profit and Loss Statements: A record of your business’s operations over time (typically the last three years).
  • Projected Financial Statements: Forecast of future financial performance, including income projections and balance forecasts.

Business Certificates or Licenses:

Documentation that shows your business is legally registered and licensed. This can include articles of incorporation, DBA certificates, and any other relevant business licenses.

Income Tax Returns:

The most recent three years of both personal and business federal income tax returns, fully signed and including all schedules.

Business Plan:

A robust and detailed business plan, outlining your business’s goals, marketing strategies, competitive analysis, management team, and detailed financial projections. This plan should demonstrate how the loan will be utilized and how it contributes to the business’s growth. **It is very important that the business plan is done correctly as it will have a lot of impact on the approval!

Business Overview:

A narrative description of your business, including its background, the market it serves, its products or services, and its growth trajectory. This document should also cover any challenges and successes your business has encountered.

Lease or Mortgage Statement:

If your business operates in a leased space (a lot or garage for example), provide a copy of the lease agreement / mortgage statement to show payment history and the terms of your tenancy.

Collateral Documents:

If you’re using collateral for the loan, include documents that describe the value and terms of these assets. For truckers, this will start out with your asset list. As your application progresses through the SBA you will be required to show current market values for your equipment.

Learn more about how to apply for an SBA loan.

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Our goal is to provide you with expert help and guidance for you needs. Whether you need funding or business services for your trucking company, you are in reliable hands.

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