SBA (7a) Loan Checklist

    1. Short summary of business history and current operations.
    2. Signed current (within 60 days) personal financial statement for each business owner; please complete all sections of PFS form, giving a description of major assets, liabilities and contingent liabilities. * Forms are available at
    3. Signed copies of personal Federal income tax returns for past three (3) years on individuals who own 20% or greater in the borrowing entity.
    4. Signed Authorization for Credit/Background Inquiry on each owner. * Forms are available at
    5. Breakdown of use of proceeds for proposed SBA loan.
    6. Detailed breakdown of total project costs, to include building construction or acquisition costs, leasehold improvements, equipment to be purchased, any debt to be refinanced, working capital, and loan closing costs.
    7. Personal Resumes of all owners and key managers of the borrowing entity.
    8. Complete description of collateral to secure the proposed loan.
    9. Three (3) years historical financial statements on borrowing entity, to include income statements, balance sheets, and cash flow statements with accountant notes, as well as current interim financial statements dated within 60 days of loan application.
    10. Projected financial statements as follows: a. Operating projections for three (3) years, to include monthly spreads of income and cash flow for the first year, and annually for years two and three; b. Start-up balance sheet for the borrowing entity, showing the proposed distribution of assets, liabilities, and equity. Note: Include in projections proposed loan and any other debt to be incurred.

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