SBA Form 413, Personal Financial Statement - 7(a)/504

SBA Form 413, Personal Financial Statement - 7(a)/504
SBA Form 413, Personal Financial Statement - 7(a)/504

What Is SBA Form 413?

SBA Form 413, Personal Financial Statement - 7(a)/504 Loans and Surety Bonds is a form used to submit personal financial information. This form is used when applying for SBA 7(a) and SBA 504 loans. The lender uses this form to ensure eligibility for an SBA loan based on their finances. This form has to be provided either by an individual’s lender or individual. If an individual’s lender requires its own form, it will include the same items as SBA Form 413.

The latest version of the form was released by the Small Business Administration (SBA) in January 2018 with all previous editions obsolete. An up-to-date SBA Form 413 fillable version is available for digital filing and downloads below:

A copy of the form has to be submitted by the sole proprietor of the business, each general partner of a partnership, each managing member of an LLC, each owner with 20 percent or more equity interest in the business, any person or entity providing a guarantee on the loan. The information in the form is used to ensure that an individual is able to pay the loan.

SBA Form 413 - 7(a) and 504 Loans

There are different types of loans provided by SBA. Individuals have to submit SBA Form 413 to apply for either the SBA 7(a) or the 504 loan.

An SBA 504 loan is commercial real estate financing for owner-occupied properties. These loans require only a 10 percent down payment by the small business owner and funding amounts range $125,000 to $20 million. The 504 loan program is run through Certified Development Companies (CDCs). Funds received from 504 loans can be used to buy land, machinery, facilities.

The ​SBA 7a loans can be used to buy a business or obtain working capital. The minimum and maximum loan amount are $50,000 and $5 million. Funds received from ​SBA 7a loan can be used to buy working capital, expansion, equipment for the business. All SBA 7(a) or SBA 504 loan applicants must include an SBA Form 413 in their loan application. This form needs to be submitted to ensure eligibility for an SBA loan based on finances.

How to Fill Out SBA Form 413?

SBA Form 413 instructions are as follows:

  1. Make sure that you have these documents before filing the form:
    • Checking and savings account statements showing balances;
    • IRA 401(k) and other retirement account statements showing balances;
    • Life insurance documents showing current cash surrender value;
    • Stocks, bonds, and other investment documents showing current value;
    • Pay stub showing current annual salary;
    • Statements for disability income, pensions, real estate income, or other sources of income;
    • Mortgage statements, auto loan statements, credit card statements, and statements for other types of loans showing your account number, payment amount, and current balance.
  2. After collecting these documents you can start filling out the form.
  3. Provide personal information and business contact information. Then skip the assets and liabilities tables and go straight to the section number one. Describe your salary, net investment income, real estate income and other income. List all personal income and spouse’s wage in the salary block. Include any income from interest earned on savings accounts, dividends and interest earned on stocks and bonds, and recurring capital gains or losses on the sale of investments in the net investment income section. Include income from rental properties after expenses in the real estate income section. Report income received on a regular basis in other income section (this can include child support, pensions, or any other income not already included in other sections). It can also include distributions, dividends, or guaranteed payments received from the company.
  4. Move on to the second section. First, enter the names and addresses of the banks that hold debt. Put the total amount borrowed when the account was first established in the original balance section. List the total amount that currently owes in the current balance section. For credit cards put zero. Put the minimum payment that has to pay paid with each statement in the payment amount section. After that, provide the schedule of payments in the frequency section.
  5. The third block requires the names, cost, market and the total value of all stocks and bonds that currently owned.
  6. Provide a detailed description of all the real estate owned in the fourth section of the form.
  7. Report personal property of significant value in the fifth section. This includes anything from jewelry to IRAs and other retirement accounts, cars (provide information about the model of the car and year when it was bought), and recreational vehicles. If you used the property as collateral for loans make sure to list the name and address of the lienholder, the amount of the lien, and payment terms.
  8. Provide a detailed description of any federal, state, or local taxes owed in the sixth block. Report the type of unpaid taxes: either current or delinquent.
  9. Write any other liabilities not previously disclosed on the form in the seventh section. Examples of such liabilities include co-signed or guaranteed obligations, debts to foreign governments, debts that come from private agreements, outstanding lawsuits.
  10. Describe any term, whole life, and variable life insurances that either you or your spouse hold.
  11. After completing all sections move back to the beginning of the form and complete the table with summarized assets and liabilities from all sections below. At the end sign and date the form. Each person listed on the SBA personal financial statement has to complete and sign the form.
  12. Attach the completed form to the SBA 7(a) or the 504 Loan application.

1. Do you have to show every mutual fund transaction in SBA 413 Form?

No, you don’t have to show every mutual fund transaction in SBA 413 Form. The only transactions you have to show are brokerages and mutual fund statements showing your securities holdings such as stocks, bonds and other securities held by you and your spouse. This information has to be provided in the third section of the form.

2. How to add up columns on SBA Form 413?

Calculate all amounts mentioned before, and put them in “Total assets” block.

3. Do you need to put child support under SBA Form 413?

Alimony or child support payments should not be disclosed in “Other Income” unless it is desired to have such payments counted toward total income.


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