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The document is the SBA Form 1050, Settlement Sheet, which is used to document and verify the disbursement of loan proceeds for SBA 7(a) loans. It outlines the requirements for lenders to complete the form at the time of initial loan disbursement, including details on the use of proceeds, borrower contributions, and necessary certifications. The form must be retained by the lender and submitted to the SBA upon request or in case of loan default.

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Click ‘Get Form’ to open the SBA Form 1050 in the editor.
In the first section, fill in all identifying information. For 'Loan Type,' check whether it is a term loan or a revolving line of credit.
Complete the 'Use of Proceeds' section by indicating the name of the payee, amount disbursed, and remaining amount for each applicable use. Attach an itemized list of settlement charges and costs.
In the 'Borrower’s Injection' section, indicate the source for each type of injection. Ensure that the Borrower’s Injection is in the business bank account before any loan proceeds are disbursed.
Both Lender and Borrower must review and sign the certification at the end of the form to confirm accuracy.

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2019	4.8 Satisfied (42 Votes)

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