Business debt schedule: what SBA lenders require
A business debt schedule lists every debt your business owes. What SBA lenders require under SOP 50 10 8.1, the columns to include and how to reconcile it.
Published · 6 min read · By the AceTheSBA team
Key points
- A business debt schedule is a list of every debt the business owes: lender, original amount, current balance, rate, payment, maturity, collateral and status.
- SBA lenders must obtain a current debt schedule prepared by the applicant, including any loans from shareholders or owners (SOP 50 10 8.1).
- The total must match the debt on your balance sheet. A mismatch is one of the most common reasons a lender comes back with questions.
- Debt that the SBA loan will refinance needs 12 months of statements showing it is current.
A business debt schedule is the list of everything your business owes. It is one of the first documents an SBA lender asks for, because it feeds the most important number in the file: total debt service.
What SBA requires
SOP 50 10 8.1 (effective October 1, 2026) requires the lender to:
- Analyze debt service on all business debt, including the new SBA loan
- Obtain a current debt schedule prepared by the applicant, including any shareholder debt
- Receive year-end and interim balance sheets with a detailed debt schedule
If any debt will be refinanced with the SBA loan, the lender also needs the notes, security agreements, and statements or transcripts for the most recent 12 months showing the debt is current, with a written explanation of any late payments.
The columns to include
| Column | What to enter |
|---|---|
| Creditor | Lender or noteholder name and address |
| Type | Term loan, line of credit, equipment, vehicle, mortgage, lease, owner loan |
| Original amount and date | From the note |
| Current balance | As of the schedule date, matching the latest statement |
| Interest rate | Fixed or variable, and the index if variable |
| Monthly payment | Principal and interest |
| Maturity date | When the debt is paid off |
| Collateral | What secures it, and any personal guaranty |
| Status | Current or past due |
| To be refinanced? | Yes or no |
Date the schedule, and use the same date as your interim balance sheet.
What to include
- Bank and SBA loans
- Lines of credit, even with a zero balance (show the limit)
- Equipment and vehicle loans
- Commercial mortgages
- Capital and finance leases
- Merchant cash advances and revenue-based financing
- Business credit cards carrying a balance
- Loans from owners, shareholders or related companies, which applicants often forget
Reconciling to the balance sheet
Add up the current balances. The total should equal the debt shown on your balance sheet at the same date: current portion of long-term debt, long-term debt, lines of credit and notes payable to shareholders. If it does not, find the difference before a lender does. Common causes:
- A loan paid off but still on the books (or the reverse)
- An owner loan recorded as equity, or equity recorded as a loan
- Different dates on the schedule and the balance sheet
- Credit card balances in accounts payable
How lenders use it
- Debt service coverage: annual payments on every debt plus the new loan go into the DSCR calculation. See how to calculate DSCR.
- Refinancing eligibility: debt being refinanced must meet SBA’s refinancing rules.
- Collateral position: existing liens affect what the SBA loan can be secured by.
- Consistency: the schedule is compared with your balance sheet, tax returns, credit reports and personal financial statement.
Sample layout
| Creditor | Type | Balance | Rate | Monthly payment | Maturity | Collateral | Status |
|---|---|---|---|---|---|---|---|
| First Community Bank | Equipment loan | $38,400 | 8.25% fixed | $1,200 | 03/2029 | Ovens and mixers | Current |
| Maria Rivera (owner) | Shareholder loan | $25,000 | 0% | None | On demand | None | Current |
| Business card | Credit card | $3,150 | 22.9% variable | $95 | Revolving | None | Current |
This article reflects SBA SOP 50 10 8.1, effective October 1, 2026.