Personal financial statement for small business administration

Small business is the heart of our communities. At BankPlus, we understand that in order for our communities to grow, the small businesses within them must grow. For this reason, we are proud to offer the BusinessPlus program to help small business owners establish a more sound financial future. BusinessPlus is a loan product designed to encourage small business owners to develop a stable financial future for themselves and the communities they serve.

We are searching data for your request:

Personal financial statement for small business administration

Content:

• How to Get a Small Business Loan for the First Time
• Personal Financial Statement (PFS)
• Sample Balance Sheet and Income Statement for Small Business
• Please Try Again
• The Entrepreneur's Guide to Small Business Finance
• Loans & Lines of Credit
• Small Business Administration Loans
• Alabama Small Business Development Center

How to Get a Small Business Loan for the First Time

Tom has 15 years of experience helping small businesses evaluate financing and banking options. This article is part of a larger series on Business Financing. Download SBA Form To complete SBA Form quickly and easily, have your financial paperwork organized and available.

Each of the following people must complete and provide their own personal financial statement:. Your combined assets and liabilities must be reported unless a legal document, such as a prenuptial agreement, specifically separates certain assets.

Completing the form will be easier if you gather your financial documents in advance. Collect paperwork that reflects your assets and liabilities from the last full month. For example, if you fill out the form on November 8, , you should gather documents with information as of October 31, If you have all your paperwork gathered and organized, filling out the rest of the form is relatively simple.

Depending on how many assets and liabilities you have, SBA Form could take as little as 15 minutes to complete. The top portion of the form requires your name, address, phone numbers, and business name. This is followed by a summary section for your assets and liabilities.

These sections summarize the information contained in the other sections throughout the form. Complete sections one through eight first, then use the information from those sections to total your assets and liabilities.

Potential income sources include income you expect to receive on a regular and recurring basis. Contingent liabilities are debts that become your responsibility if and when something else happens. This section details all your debts, such as credit cards, personal loans, and installment loans. Established businesses may also want to double-check their business credit reports. You can use as many supplemental pages as needed. If needed, you can attach supplemental pages with more entries.

List any property reported on your personal tax return. Property A is your primary residence if you own it. Instructions for providing this information and definitions of terms used in this section of the form are:. This includes property such as jewelry, IRAs or other retirement accounts, cars, and recreational vehicles. For cars, include the make, model, and year along with a quick estimate of the current value from a tool like the Kelley Blue Book. However, you should be prepared to provide it in the event your lender asks for it.

You can pay a consultant to provide an official business valuation, or you can estimate the value of your business and document how you made your calculation. This section is available for you to provide a detailed description of any federal, state, or local taxes you owe.

You should also state whether the unpaid taxes are current or delinquent. Report taxes you owe to a foreign government in the Other Liabilities section of the form. The only exception is if you have delinquent federal income taxes with an IRS-approved payment plan.

This section of SBA Form is a catch-all where you can list any liabilities not previously disclosed on the form and described in detail. Some examples of the types of liabilities that can be found here are:.

You need to list all life insurance you or your spouse currently holds in this section of the form. List all your policies, including term, whole life, and variable life insurance. Provide the face value death benefit of your policy that would be provided to your beneficiaries if you die, as well as the cash surrender value of whole life insurance policies.

Also, list the full names of all policy beneficiaries and the name of the insurance company that carries your insurance policies. The insurance company may not be the agent or broker you worked with to establish the policy. On the first page of the form, the Assets section not only summarizes the information you provided earlier as you filled out the form but also includes your cash on hand and savings account balances.

When completing this section, make sure you round up to the nearest dollar. Add up the total of all your assets included in the prior line items. Double-check your math to make sure it adds up properly! The Liabilities section not only summarizes the information you provided in the prior steps but also includes your accounts payable. With accounts payable, report the total amount of products and services purchased on credit or on a regular payment basis, excluding those using credit cards or personal lines of credit.

With its expedited loan process, SmartBiz can often get approved loans funded in as little as 30 days. Visit SmartBiz. Be prepared to provide your lender with copies upon request. Find Tom On LinkedIn. Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you. Fit Small Business content and reviews are editorially independent. We may make money when you click on links to our partners.

Learn More. Table of Contents. Section 1 of SBA Form Section 2 of SBA Form Section 3 of SBA Form Section 4 of Form Section 5 of Form Section 6 of SBA Form Section 7 of SBA Form Section 8 of SBA Form Assets summary of SBA Form Liabilities section of Form Signature area of Form Sign up to receive more well-researched finance articles and topics in your inbox, personalized for you.

This email address is invalid. Only if you want to get insider advice and tips. Everything small business owners need to know about finding and applying for SBA loans. Was this article helpful? Yes No. Feedback Yes No. Human Resources. Real Estate Agents. Real Estate Investing. Starting a Business. Your Email Address.

Personal Financial Statement (PFS)

Get the capital you need, without hidden fees. A business loan through RiverWood Bank allows you to grow business without holding back. Get started today! We recommend stopping by your nearest RiverWood Bank location or calling us at so we can recommend the best loan for your needs. If you know what you want, you can start the business loan application process online using our secure application. Please note: while loans can be approved in as little as one week, the loan process can take up to days, depending on the size and complexity of the credit. When your business requires short or intermediate term working capital funds, our business bankers can help you with a loan or line to meet your working capital needs.

Sample Balance Sheet and Income Statement for Small Business

Last Updated: March 29, References. This article was co-authored by Michael R. Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. This article has been viewed 52, times. Personal financial statements generally differ from business financial statements because the business itself is one of the assets owned by the person. If the business is a sole proprietorship, the business's assets and liabilities can be intermingled with your personal financial statements.

Please Try Again

Tom has 15 years of experience helping small businesses evaluate financing and banking options. This article is part of a larger series on Business Financing. Download SBA Form To complete SBA Form quickly and easily, have your financial paperwork organized and available. Each of the following people must complete and provide their own personal financial statement:.

The Entrepreneur's Guide to Small Business Finance

Looking to turn your Dream into a Business? Create Need Capital to Expand? Need to Invest Equipment or make Repairs? Pre-qualify for one of our Small Business Loans! Learn More.

Loans & Lines of Credit

Old Point is proud to have helped approximately 1, small businesses and over 10, jobs in our community through PPP loans in and we look forward to assisting you with your continued PPP needs. Whether you're preparing to get new equipment in your facility or negotiating an international trade transaction, we can satisfy your unique need. The right tools and financial programs, coupled with skilled loan officers, makes Old Point the ideal partner for your businesses. Talk to one of our business loan officers today! We have the commercial loan that's right for you:. With Old Point's flexible terms and pricing, you can purchase fixed assets like equipment with a modest down payment, keeping more of your capital free for other expenses. With a limit set up in advance, a revolving credit line works like a credit card, helping you meet temporary cash flow needs without being burdened by monthly principal payments.

Small Business Administration Loans

Settlers bank wants to make applying for you loan as efficient and painless as possible. This amortization calculator will help you determine how much of your monthly payment will go toward the principal and how much will go toward the interest. You can also use this calculator to create a printable amortization table for your loan and to estimate the monthly payments on your mortgage.

Alabama Small Business Development Center

To the SBA, a "small business" is generally an independently owned for-profit enterprise that employs no more than people. There are exceptions for what constitutes a "small business" in specific industries. You may be required to submit more SBA forms based on the specific use of proceeds or fees paid on a loans package or to a broker or agent. While this is a general overview of the SBA 7 a loan program, you might still have questions or concerns. They can give you a no strings attached assessment of where you are and if a 7 a loan would be good for you. Discover how one of our Commercial Relationship Managers can help you put together the best financing plan for your business.

Access to Capital is a major need for new and existing entrepreneurs as they start and grow their small business. The Alabama SBDC at UNA provides information on financing options available to small businesses and assistance in preparing a loan application with documentation necessary to obtain the capital needed. Advisors can assist you in identifying sources of funding, determining the amount of funding needed, preparing financial projections and preparing you for meeting with lenders and potential investors. The program has broad eligibility requirements and credit criteria to accommodate a wide range of financing needs. The business loans that SBA guarantees do not come directly from the agency, but rather from banks and other approved lenders. If the borrower defaults, the lender can request the SBA to pay the lender that percentage of the outstanding balance the agency guaranteed. The borrower is still obligated for the full amount.

Remote Deposit. Payment Portal. Home Skip to main content Skip to footer. Close Menu.