{"ok":true,"canonical_url":"https://dealroom.so/sba-7a/questions/what-is-the-purpose-of-sba-form-912-and-who-typically-needs-to-complete-it-for-eligibility","api_url":"https://dealroom.so/api/public/questions/what-is-the-purpose-of-sba-form-912-and-who-typically-needs-to-complete-it-for-eligibility","question":"What is the purpose of SBA Form 912 and who typically needs to complete it for eligibility?","topic":"Credit & character","audience":"borrower","bot_mode":"buyer","short_answer":"SBA Form 912, the Statement of Personal History, is used to screen for character issues like criminal history or prior federal debt defaults. It must be completed by all owners of 20% or more, partners, managing members, officers, and directors.","rule":"SBA Form 912 collects information about an applicant's background, including criminal records, previous bankruptcies, and defaults on federal obligations. This information is critical for determining eligibility based on character. Any adverse information must be disclosed and may require further explanation and review by the SBA.","example":"A buyer and their 30% partner are applying for an SBA 7(a) loan. Both the buyer and the partner will need to complete and sign SBA Form 912, disclosing any arrests, convictions, or defaults on federal debt.","what_lenders_check":"Lenders must collect a completed Form 912 from all required individuals and verify the information. Any undisclosed or adverse information can lead to eligibility issues or guaranty denial. Lenders use this to perform character-based eligibility checks.","required_facts":["Statement of Personal History","Criminal history screening","Federal debt default","All 20%+ owners","Managing members"],"source_families":["SOP 50 10 - Lender and Development Company Loan Programs","SBA Form 1919 - Borrower Information Form","Criminal Justice Reviews for SBA Business Loan Programs - Final Rule"],"official_sources":[{"title":"SOP 50 10 - Lender and Development Company Loan Programs","url":"https://www.sba.gov/sites/default/files/2025-05/SOP%2050%2010%208%20Technical%20Updates%20effective%206.1.2025.docx"},{"title":"SBA Form 1919 - Borrower Information Form","url":"https://www.sba.gov/sites/default/files/2025-03/2025.02.27%20Form%201919%20-%20Updates%20%28FINAL%29_03-12-2025%20%281%29.pdf"},{"title":"Criminal Justice Reviews for SBA Business Loan Programs - Final Rule","url":"https://www.federalregister.gov/documents/2024/04/30/2024-09009/criminal-justice-reviews-for-the-sba-business-loan-programs-disaster-loan-programs-and-surety-bond"}],"related_questions":[{"question":"How does a recent felony conviction, even if minor, impact my eligibility for an SBA 7(a) loan for a $400,000 acquisition?","url":"https://dealroom.so/sba-7a/questions/how-does-a-recent-felony-conviction-even-if-minor-impact-my-eligibility-for-an-sba-7-a-loa"},{"question":"If I have a recent history of personal loan defaults, how will that affect my SBA 7(a) loan application?","url":"https://dealroom.so/sba-7a/questions/if-i-have-a-recent-history-of-personal-loan-defaults-how-will-that-affect-my-sba-7-a-loan-"},{"question":"Can prior bankruptcies or foreclosures impact my SBA 7(a) loan eligibility?","url":"https://dealroom.so/sba-7a/questions/can-prior-bankruptcies-or-foreclosures-impact-my-sba-7-a-loan-eligibility"},{"question":"How does the SBA define \"management experience\" for a business acquisition?","url":"https://dealroom.so/sba-7a/questions/how-does-the-sba-define-management-experience-for-a-business-acquisition"},{"question":"Can I use an SBA 7(a) loan for a business acquisition if I have limited industry experience?","url":"https://dealroom.so/sba-7a/questions/can-i-use-an-sba-7-a-loan-for-a-business-acquisition-if-i-have-limited-industry-experience"},{"question":"How important is my personal financial statement for an SBA 7(a) loan application?","url":"https://dealroom.so/sba-7a/questions/how-important-is-my-personal-financial-statement-for-an-sba-7-a-loan-application"}],"related_terms":[{"term":"SBA Form 912","url":"https://dealroom.so/glossary/sba-form-912"},{"term":"SBA Form 148","url":"https://dealroom.so/glossary/sba-form-148"},{"term":"Complete Change of Ownership","url":"https://dealroom.so/glossary/complete-change-of-ownership"},{"term":"Cancellation of the SBA guaranty","url":"https://dealroom.so/glossary/cancellation-of-the-sba-guaranty"},{"term":"Repair to the guaranty","url":"https://dealroom.so/glossary/repair-to-the-guaranty"},{"term":"SBA Form 1919 Disclosure","url":"https://dealroom.so/glossary/sba-form-1919-disclosure"}],"related_tools":[{"name":"SBA 7(a) payment & fee calculator","url":"https://dealroom.so/sba-7a/calculator"},{"name":"Find an active SBA 7(a) lender","url":"https://dealroom.so/lenders"}],"data_freshness":{"last_reviewed":"2026-06-14","sba_rule_sources_checked_through":"2026-06-14"},"citation":{"label":"DealRoom.so SBA 7(a) Q&A","url":"https://dealroom.so/sba-7a/questions/what-is-the-purpose-of-sba-form-912-and-who-typically-needs-to-complete-it-for-eligibility","source_type":"DealRoom Q&A"},"caveats":["Grounded in the current SBA rulebook; verify against official sources before relying on it for a live deal.","Not legal, tax, or financial advice and not an approval decision."]}