For SBA lenders
Short answer
SBA Form 413, the Personal Financial Statement, provides a detailed snapshot of an individual's assets and liabilities, and it must be completed by all owners of 20% or more, plus any key management, and any guarantors.
Form 413 is essential for evaluating the personal financial strength of all significant individuals associated with the loan. It allows the lender to assess personal liquidity, net worth, and potential for additional collateral or repayment, aligning with prudent lending practices.
For a business with three owners (40%, 30%, 30%) and a non-owner spouse who will personally guarantee the loan, all four individuals would be required to complete and submit a Form 413, providing details of their personal checking accounts, real estate, investments, debts, etc.
Insider move
Lenders rely on Form 413 for a holistic view of the borrower's personal financial position. Inaccuracies or omissions can undermine the credit analysis and may lead to eligibility issues or guaranty repairs/denials if discovered later.
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
SOP 50 10 - Lender and Development Company Loan Programs
Last checked 2026-06-13. Official sources control — verify before relying on any rule for a live deal.
Last reviewed 2026-06-13 · SBA sources checked through 2026-06-13. DealRoom analysis of public SBA 7(a) lending records (FY2020–present). Grounded in the current SBA rulebook; verify against the official sources above before relying on it for a live deal. Not legal, tax, or financial advice, and not an approval decision.
More on required forms (1919, etc.)
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