The 90-day form that quietly expires in your loan file
By the AceTheSBA team
Every owner of 20% or more completes one. Lenders check every line of it. And under SOP 50 10 8.1 it goes stale faster than the form itself says.
The rule
SBA Form 413, the personal financial statement, lists your personal assets, liabilities, income and contingent liabilities, and shows your net worth. For 7(a) and 504 loans it is required from each proprietor, general partner, LLC managing member, every owner of 20% or more and every guarantor.
It must be signed and dated within 90 days of submission to SBA. The current form (05-24) still prints 120 days for 7(a) and 504 loans. The SOP is what lenders follow.
Why it catches people
Loan files take time. If you complete your Form 413 today and your lender submits three or four months from now, it may already be too old, and you will be asked to do it again with fresh figures.
The lender’s view
Every figure is checked against something: bank statements, credit reports, mortgage statements and tax returns. A debt on your credit report that is missing from your Form 413 is a red flag about the whole file. Accuracy matters far more than a high net worth.
Your move this week
Where do you stand?
The SBA Readiness Report builds your document checklist from your situation, with SBA form numbers, so you know which forms you need and when. Six minutes, $19.99.
This week’s tool
A line-by-line guide and worksheet for completing SBA Form 413 accurately.
$15.00