What is SBA Form 413 and who has to complete it?
Short answer
SBA Form 413 is the Personal Financial Statement. On 7(a) and 504 loans, each proprietor, general partner, managing member, 20% owner and guarantor completes it. Lenders may use an equivalent form. Sources: SBA Form 413 (05-24); SOP 50 10 8.1, Appendix 20, Para. A.1.c.
SBA Form 413 is the Personal Financial Statement, used to assess repayment ability and creditworthiness. SBA's page lists it for 7(a), 504, disaster and surety bond applicants, among others.
Who completes it on a 7(a) or 504 loan
The form lists:
- Each proprietor.
- Each general partner.
- Each managing member of an LLC.
- Each owner of 20% or more of the equity, including the assets of the owner's spouse and any minor children.
- Any person providing a guaranty.
SOP 50 10 8.1, Appendix 20, Para. A.1.c excludes Supplemental Guarantors. Lenders may use their own equivalent form.
Spouses
Non-owner spouses are not required to sign the personal financial statement (Sec. A, Ch. 5, Para. A.2.b, p. 93). The form's certification does call for a signature from the spouse of a 20% owner when spousal assets are included. Ask your lender which signatures it needs.
What it asks for
- Assets, including cash, retirement accounts, stocks, real estate and vehicles.
- Liabilities, including notes, mortgages and unpaid taxes.
- Income and contingent liabilities, such as legal claims.
- Schedules of notes, securities, real estate and life insurance.
Where it goes
Return it to the lender on a 7(a) loan, or to the Certified Development Company (CDC) on a 504 loan. The posted version (05-24) shows an Office of Management and Budget (OMB) expiration date of August 31, 2027. A knowing false statement carries the federal penalties printed on the form.
Ask lending partners about your loan
Tell us the amount you need and what it is for. We refer you to lenders that may fund businesses like yours, and it costs you nothing.
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