How to Fill Out an SBA Loan
For most people who want to start or expand a small business, the big hurdle will be finding sources of money. Those without the financial resources to start a business will have to borrow it, and one way to do that is via the agency that the government has set up to assist small businesses, namely the Small Business Administration. The SBA does not directly lend money; rather, they do it via intermediate lenders.
Find out the format that your SBA
lender prefers for loan applications. The best way to do this is to
contact the lender prior to applying for a loan. While the formats
may vary, most lenders tend to require the same documents.Write the cover letter to go with
your loan form. As with a job application, this will be the first
thing the lender will see when your application is reviewed.Get a copy of SBA Loan application
form 4. This is the form that you, as the owner of the business
seeking the loan, will be required to fill out. The information
required for this form will include a description of the nature of
the business as well as the amount of money needed. Form 4i is the
form that your lender will be required to fill out, but it will be a
part of your loan application packet.Fill out your personal history
form, known as a Statement of Personal History. It is the SBA
Form 912. Fill out your personal financial state form (SBA For
413).You may also need a balance sheet
from the business detailing profits and losses, financial statements
and ownership documents. In addition to these ownership documents,
those who involved in the business will need to supply their resumes
and a statement of their business experience.Provide details to the lender as
to the nature of your industry rather than take it for granted that
they already know how it works.