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Click ‘Get Form’ to open it in the editor.
Begin by entering your name, business phone, home address, and other personal details in the designated fields. Ensure accuracy as this information is crucial for your application.
In the 'Assets' section, list all relevant assets including cash on hand, savings accounts, and real estate. Be thorough and provide descriptions where required.
Proceed to the 'Liabilities' section. Here, detail any outstanding debts such as accounts payable and notes payable. This will help assess your financial obligations.
Complete the 'Source of Income' section by detailing your salary and any other income sources. Remember to include descriptions for any special debts or contingent liabilities.
Review all sections carefully before submitting. Use our platform’s editing tools to make adjustments as needed for clarity and completeness.

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What is a 504 loan used for?

The 504 loan program provides long-term, fixed rate financing for major fixed assets that promote business growth and job creation. 504 loans are available through Certified Development Companies (CDCs), SBAs community-based nonprofit partners who promote economic development within their communities.

What are 7A and 504 loans?

An SBA 504 loan is commercial real estate financing for owner-occupied properties. These loans usually require only a 10 percent down payment by the small business owner and funding amounts range from $250,000 to $30 million. On the other hand, SBA 7(a) loans can be used to buy a business or obtain working capital.

What are the risks of an SBA 7(a) loan?

SBA 7(a) loan disadvantages include: Lengthy approval times (for standard SBA 7(a) loans) Lots of documentation. Collateral is often required. Certain businesses, including real estate investing, lending, gambling, and speculation are prohibited. High credit scores are typically required (typically 680+)

Do you have to pay back an SBA 7A loan?

Repayment comes from converting short-term assets into cash, which is remitted to the lender. Businesses continually draw from this line of credit, based on existing assets, and repay as their cash cycle dictates. This line generally is used by businesses that provide credit to other businesses.

What is the personal finance statement for the SBA loan?

What is SBA Form 413? SBA Form 413, formally referred to as Personal Finance Statement, is a form business owners must fill out for most SBA loans. The U.S. Small Business Administration uses this form to assess loan applicants creditworthiness and repayment ability.