Omb no 3245 0012-2026

The document is a financial statement form for debtors applying for loans from the U.S. Small Business Administration (SBA). It collects personal and financial information, including income, expenses, assets, and liabilities, to assess the debtor's ability to repay the loan. The form also includes sections for spouse and dependents' information, as well as details on real estate and life insurance policies. The purpose of collecting this information is to evaluate the debtor's financial capacity and protect the interests of the SBA.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and SBA loan number in the designated fields at the top of the form.
Fill in your date of birth, address (including ZIP code), and phone number. Ensure all information is accurate for proper identification.
Provide your occupation and how long you have been employed at your current job, along with your employer's name and address.
Complete the monthly income section by detailing salary, commissions, and any other sources of income. Sum these amounts for a total.
List any other employers you've had in the last three years, including their names, addresses, and dates of employment.
Continue filling out sections regarding your spouse’s information if applicable, including their income and employment details.
Detail fixed monthly expenses such as rent, utilities, food, and debt repayments. Be thorough to ensure an accurate financial picture.
Finally, review all entries for accuracy before signing and dating the form at the bottom.

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What is form 770?

SBA form 770 is a Financial Statement of Debtor. It can be downloaded from the SBA here . You will need to download and complete this form when applying for a 504 loan , as well as for other SBA loans , such as the 7(a) loan .

What are the 4 types of financial statements?

Borrower Financial Statement means, for each Borrower, a balance sheet and related statement of operations, income statement, accumulated deficiency in assets and cash flows of such Borrower, with annual financial statements (with footnotes thereto) to be prepared in accordance with GAAP and audited.

What is a debtor in a financial statement?

A debtor is a company or individual who owes money. The debtor is referred to as a borrower when the debt is in the form of a loan from a financial institution and as an issuer if the debt is in the form of securities such as bonds. If a debtor cannot fulfill their obligations they may have to declare bankruptcy.

What is a financial statement of a 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.