Business Loan Personal Financial Statement for SBA & Commercial Lender

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In this episode, we take a deep dive into the importance of having an updated PFS (Personal Financial Statement) , along with a detailed schedule of real estate owned when buying a business or commercial real estate.

Most SBA Loan Programs—including the 7(a) loan and 504/CDC loan, two of the agency’s most popular loan programs, require that you complete SBA Form 413 as part of your application.

Additionally, depending on your business entity, the following individuals will also need to fill out and submit their own versions of the SBA personal financial statement:

• Each proprietor
• Each limited partner with 20% or more interest and each general partner
• Each stockholder owning 20% or more of voting stock
• Any guarantor of the loan

It’s important to note that if you’re married and file a joint tax return, your spouse will need to be included on SBA Form 413. Similarly, any applicable spouse from the list above will also need to sign off on their versions of Form 413.