SBA loan basics
Short answer
SBA Form 413, the 'Personal Financial Statement,' details the personal assets and liabilities of loan applicants and guarantors. It must be completed by all owners of 20% or more of the business and any other guarantors.
The SBA requires this form to assess the financial strength and liquidity of the individuals responsible for the loan, including their ability to make payments on the personal guarantee if the business defaults. It provides a comprehensive picture of personal net worth.
A business owner and their spouse, who are both guarantors, complete separate SBA Form 413s, listing their joint and individual assets (e.g., real estate, savings, investments) and liabilities (e.g., mortgage, car loans, credit card debt).
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
7(a) Loan Program — Terms, Conditions, and Eligibility
U.S. Small Business Administration · Official SBA source
SOP 50 10 - Lender and Development Company Loan Programs
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.
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