For SBA lenders
Short answer
A Personal Financial Statement (SBA Form 413) is generally required for all individuals providing a personal guaranty, regardless of whether they are owners, to assess their financial strength.
Any individual who is required to provide an unconditional personal guaranty must submit a Personal Financial Statement (SBA Form 413 or equivalent). This includes owners of 20% or more, individuals with control, and any other required guarantors, such as spouses in community property states or those needed to bolster the credit. The form provides a snapshot of their assets, liabilities, and net worth.
A husband owns 100% of the business, and the wife, though not an owner, is required to provide a personal guaranty due to community property laws. Both the husband and wife must complete and submit SBA Form 413.
Insider move
Lenders must ensure all required guarantors complete Form 413 accurately and completely. Failure to obtain and review these statements can lead to an incomplete credit analysis and potentially impact the ability to pursue collateral during liquidation.
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
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