Last week, we introduced the first part of our series, “SBA Loans – A Comprehensive Guide for Somerville National Bank’s Current and Future Clients”. There, you learned that our banking institution holds true to our commitment to our current and future clients. We believe that it is important to aid our clients in all of their financial needs – whether it is banking needs or loans. In this series, we are specializing in providing you with detailed coverage of Small Business Loans, which are commonly referred to as “SBA Loans”. Our region bank has branches in both Ohio and Indiana. If you require a SBA Loan, we encourage you to visit one of our branches. This week, we will continue to expound on SBA Loans.
Checklist for the General SBA Loan: 7(a)
There are several types of SBA Loans that are currently available to those that require financial backing for the purpose and intent of owning, operating, and/or funding a business. This week, we are going to review the most basic of all of these loans, the General Small Business Loan: 7(a). Essentially, you know and understand the basics about this loan because it was covered last week under the SBA Loans. Here, we will outline that which you will need in order to apply for this type of loan. The following outlines the checklist that should be completed in order to ensure that you have everything in order that will be required:
- First, you will need to complete a loan application. This document is identified as the “SBA Form 1919”.
- Next, you will need to complete the form named “SBA Form 912”, which is the “Statement of Personal History”.
- Once you have completed the “SBA Form 912”, you will need to complete the form named “Personal Financial Statement”, which is “SBA Form 413”.
- Once all of the previously mentioned forms have been completed, you will then be required to complete business-based financial statements. In essence, these support your loan application and outline your unique ability to successfully repay that which you borrow. You should include a profit and loss statement as well as a projected financial statement.
- Next, it is time to organize information pertaining to business ownership and affiliation.
- A business certificate and/or a business license should be included with the application of the SBA Loan which you are applying.
- If you have applied for any type of loans in the past for your business, you should submit this as part of your history.
- Your income tax returns – both personal and business – should be submitted.
- As a principal of the SBA Loan, you will be required to submit a resume.
- Finally, information pertaining to the history of your business, an overview of your business, and any other relevant business-related information should be obtained and submitted.
Here, you have been introduced to all of the documents that will be required in order to complete an application for a general SBA Loan. If you need any help obtaining any of the forms outlined in this guide or would like more information on the documentation that is required to apply for your SBA Loan, please, feel free to contact us here at Somerville National Bank. You may visit any of our branch locations, or call us by dialing: 513-726-6471