Section 1: SBA Loan Application Forms and Documents for Initial Application
Newest SBA forms for 2023 and related documents required during the process of obtaining and SBA loan. Not all of these documents are required for each type of SBA loan. For example, one requirement is a “Use of Proceeds” statement which could be one or more of the following: 1) Letter of Intent to buy a business or real estate, 2) Current Business Debt Schedule if you plan to pay off high-interest debt with a low-interest SBA loan or, 3) Business Plan outlining use of proceeds to expand your business or add a new location. Need help? We’re just an email or call away.
NEW! SBA Form 413 PFS determines your loan eligibility based on your personal net worth. If applicable, joint assets held between you and your spouse should be included on this form, except in cases where there is a legal document, such as a prenuptial agreement, separating such assets. Note: this does not imply that your spouse is a guarantor of the loan.
Note: This form has just been updated. The previous form is obsolete. The new expiration date is May 31, 2024
Use our sample Letter of Intent to make a non-binding offer to buy a business. The SBA loan application process requires that you clearly define the Use of Loan Procedes. An LOI, or Letter of Intent, may constitute a large portion when using an SBA 7(a) loan to buy a business.
Section 2: Additional SBA Forms and Documents
Updated for 2023, let us know if there is a form or document you think will be helpful for your project and we’ll do our best to provide that resource.
Even if you do not choose to pursue an SBA 7a loan, this document can also act as an excellent resource to ensuring the success of your business. The document is organized into several sections:
Lenders want to see how you expect the company to perform as a result of the loan. After you’ve had a chance to analyze your business, its market, and how the proposed SBA loan will affect the business, please use the Projections and Assumptions Excel Spreadsheet to forecast the business income and expenses assuming the loan is approved. The SBA requires that the first year be done month-by-month to reflect any seasonality, and years 2 and 3 can be done annually.
The management resume is a key component of the SBA loan application; if completed correctly, it can play a substantial role in increasing a lender’s confidence in you as a borrower.
If you are acquiring a business, we recommend including a brief summary of the company, along with some explanation of how you will ensure the company’s success and growth.
For your professional experience, be sure to emphasize strengths and skills that you have previously developed that will be pertinent to the success of the business you are acquiring. Include information pertaining to management, leadership, responsibilities held, industry experience, interpersonal skills, and quantitative skills.
Section 3: Newest SBA Publications that Affect our Borrowers and Business Owners updated for SBA Fiscal Year 2023
We will keep this section relative to only the SBA 7(a) loan program. From time to time, the SBA releases information and updates regarding the “rules” of the SBA and how it governs Lenders; Lender Service Providers (LSP); Agents; and even lawyers, attorneys, and consultants to the SBA loan borrower. We keep track of these changes.