The Small Business Administration (SBA) offers several loan programs to help small businesses obtain financing. While the specific forms required may vary depending on the type of loan and lender, there are some general forms that are typically required for an SBA loan application. In this article, we will discuss the forms needed for an SBA loan.
- SBA Loan Application
The SBA loan application, also known as SBA Form 5, is the primary form that borrowers must complete to apply for an SBA loan. The form includes information about the borrower’s personal and financial background, as well as the purpose of the loan and how it will be used. The application form also requires the borrower to provide personal and business financial statements, tax returns, and other supporting documents.
- Personal Financial Statement
The SBA requires borrowers to provide a personal financial statement, which is used to evaluate the borrower’s creditworthiness and ability to repay the loan. The form provides a snapshot of the borrower’s financial situation, including assets, liabilities, and net worth. The SBA Form 413 is used for this purpose.
- Business Plan
A comprehensive business plan is required for most SBA loan applications. The plan should include information about the business, its products or services, target market, marketing strategy, and financial projections. The business plan should also outline how the loan will be used and how it will help the business achieve its goals.
- Loan Application History
Some SBA lenders may require borrowers to complete a loan application history form. This form provides information about the borrower’s previous loan applications and any loans that were approved or denied.
- IRS Form 4506-T
The SBA may require borrowers to complete an IRS Form 4506-T, which authorizes the release of tax transcripts to the lender. The form is used to verify the borrower’s income and tax returns.
- Other Documents
In addition to the above forms, borrowers may be required to provide other supporting documents, such as business licenses, leases, contracts, and insurance policies. The specific documents required will vary depending on the lender and the type of loan.
Conclusion
Applying for an SBA loan requires completing several forms and providing supporting documents. The SBA loan application, personal financial statement, and business plan are typically required for most SBA loan applications. Borrowers may also be required to provide a loan application history form, IRS Form 4506-T, and other supporting documents. By providing the required forms and documents, borrowers can increase their chances of obtaining an SBA loan and access the financing they need to start or grow their business.