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Fillable SBA Form 770: Financial Statement of Debtor

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PAGE 1 25. U*S* SMALL BUSINESS ADMINISTRATION FINANCIAL STATEMENT OF DEBTOR INSERT THE WORD NONE WHERE APPLICABLE TO ANY OF THE FOLLOWING ITEMS 2. DATE OF BIRTH Month Day and Year 1. NAME 3. ADDRESS Include ZIP Code 6. OCCUPATION SBA LOAN NUMBER 7. HOW LONG IN PRESENT PHONE NUMBER 8. EMPLOYER S NAME 9. MONTHLY INCOME Salary or wages Commissions Other state source Total 5. SOCIAL SEC. NO. 4. PHONE NO. 10. OTHER EMPLOYERS WITHIN LAST 3 YEARS Name Dates of Employment Address 11. NAME OF SPOUSE 15. ...

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What is an SBA 770 form?

Form 770 is the financial statement of debtor that is used by SBA servicing centers for actions that require current financial information for a specific borrower or debtor. Download .pdf. File size: 370KB.

How does offer in compromise work for an SBA loan?

The SBA offer in compromises program allows you to negotiate with your lender and set up a settlement agreement. Dont be misled, this is not loan forgiveness. Youll still be responsible for at least part of what you owe after liquidating assets.

How do you get a successful SBA offer in compromise?

Top 10 SBA Offer In Compromise Negotiation Tips Be An Open Book. Be Thorough and Stay Focused. Keep Your Promises. Be Patient and Wait Your Turn. Understand What The SBA Settlement Parameters Are. If You Need Help, Find An Expert. Understand When An OIC is Required, and When Its Not. Expect Something To Go Wrong.

Can you negotiate with the SBA?

If your financial profile and net worth disqualifies you for an SBA offer in compromise, one of your options is to negotiate a repayment agreement with the SBA.

What is a financial statement of debtor?

The purpose of this Statement of Finances is to determine the debtors financial situation so that satisfactory payment arrangements to clear the arrears can be made. The statement provides a sworn summary of the debtors income, expenses, assets and employment.

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How does the SBA offer in compromise work?

The offer in compromise represents your one chance to settle the debt. You would pay a smaller portion of the full amount due. In exchange, the SBA considers the debt to be completely paid off.

How do I fill out a personal financial statement for SBA?

If youre ready to fill out SBA Form 413, follow the steps below. Gather required documents. Select the SBA loan type or program. Enter business and personal information. Add your assets and their value. Add your liabilities and their value. List income and any contingent liabilities. Add any additional details.

What happens if you dont pay the SBA?

Your Lender Will Initiate Collections Once the loan default grace period is up, your lender will hand over your account to collectors. Its at this point that lenders will usually be unwilling to work with you and will start seizing your business assets. If you pledged personal assets, those may be at risk as well.

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What is an SBA 770 form?

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How does the SBA offer in compromise work?

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