Sba Form 1919 Instructions: A Step-By-Step Guide

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What is the SBA Form 1919?

The SBA Form 1919, also known as the "Borrower Information Form," is a required document for small business owners who are applying for a loan from the Small Business Administration (SBA). The form is used to gather information about the borrower, their business, and their loan application. This information is used to evaluate the creditworthiness of the borrower and to determine the terms of the loan.

Why is the SBA Form 1919 Important?

The SBA Form 1919 is an important document because it provides the SBA with the necessary information to process a loan application. Without this information, the loan application cannot be processed, and the borrower may not be able to receive the funding they need. Additionally, the form helps the SBA to evaluate the borrower's creditworthiness and to determine the terms of the loan, which can help to minimize the risk of default.

Step-by-Step Instructions for Completing the SBA Form 1919

Completing the SBA Form 1919 can be a daunting task, but by following these step-by-step instructions, you can ensure that your form is complete and accurate.

Section 1: Borrower Information

• Provide your name, address, and contact information.
• List all owners of the business, including their name, address, and contact information.
• Provide the business name, address, and contact information.

Section 2: Business Information

• Provide a brief description of your business, including the type of business, products or services offered, and the number of employees.
• List all business locations, including the address and phone number.
• Provide the date the business was established.

Section 3: Loan Information

• Provide the loan amount, loan term, and interest rate.
• List the collateral offered to secure the loan.
• Provide the loan purpose, such as working capital, expansion, or refinancing.

Section 4: Financial Information

• Provide your personal financial statements, including income, assets, and liabilities.
• List all business financial statements, including income statements, balance sheets, and cash flow statements.

Section 5: Credit Information

• Provide information about your credit history, including any outstanding debts, credit scores, and bankruptcies.
• List all creditors, including the creditor name, address, and amount owed.

Tips for Completing the SBA Form 1919

• Read the instructions carefully and make sure you understand what information is required.
• Use a pen or pencil to complete the form, and make sure to sign and date it.
• Attach all required documentation, including financial statements and tax returns.
• Double-check your work for errors and omissions.
• Consider hiring a professional, such as an accountant or attorney, to help you complete the form.

Common Mistakes to Avoid When Completing the SBA Form 1919

• Failure to provide required documentation, such as financial statements and tax returns.
• Incomplete or inaccurate information.
• Failure to sign and date the form.
• Not reading the instructions carefully and making mistakes.
• Not double-checking work for errors and omissions.

Conclusion

The SBA Form 1919 is a critical document for small business owners who are applying for a loan from the Small Business Administration. By following the step-by-step instructions and tips outlined in this article, you can ensure that your form is complete and accurate. Remember to avoid common mistakes and to double-check your work for errors and omissions.

We hope this article has been helpful in guiding you through the process of completing the SBA Form 1919. If you have any questions or comments, please don't hesitate to reach out.