SBA loan basics
Short answer
Yes, typically all owners with 20% or more ownership in the business are required to submit a personal financial statement (PFS) as part of the SBA 7(a) loan application.
The personal financial statement provides the lender with a comprehensive overview of the principal's assets, liabilities, and net worth. This helps assess their overall financial condition and capacity to support the business, particularly in a personal guaranty scenario.
A borrower applying for a $750,000 SBA loan would need to complete a PFS detailing their cash, investments, real estate, debts, and other financial holdings.
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
SOP 50 10 - Lender and Development Company Loan Programs
SBA Form 1919 - Borrower Information Form
Last checked 2026-06-14. Official sources control — verify before relying on any rule for a live deal.
Last reviewed 2026-06-14 · SBA sources checked through 2026-06-14. 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 application process
Terms in this answer
Pre-qualify your SBA 7(a) deal
Tell us the business, the price, and where you are — we'll point you to the lenders most likely to fund a deal like yours and flag anything that trips up approval.
Free · No documents · Usually same-day