SBA rules · SOP 50 10 8.1

What is SBA Form 413?

SBA Form 413 is the Personal Financial Statement required from all 20 percent or greater owners and personal guarantors to evaluate their personal financial condition.

Quoted from SBA SOP 50 10 8.1Every quote checked word for word

In detail

Definition and lender forms: SBA Form 413 is SBA's standard personal financial statement form, but 7(a) Lenders and CDCs are permitted to use their own equivalent forms.
7(a) program requirements: A statement signed and dated within 90 days of submission to SBA is required for all owners of 20% or more (including the assets of the owner's spouse and minor children) and all proposed guarantors, except Supplemental Guarantors.
504 program requirements: CDCs must obtain the form, signed and dated within 90 days along with federal income tax returns for the prior year, for each 20% or more owner of the Applicant, Operating Company, or Eligible Passive Company, and for each proposed guarantor.
Exemptions: Supplemental Guarantors are not required to submit a personal financial statement, and non-owner spouses who sign collateral documents solely to pledge jointly held collateral are not required to sign the statement.

The source

What the SOP says

“Owner Financial Statement for all owners of 20% or more (including the assets of the owner’s spouse and minor children), and proposed guarantors, except Supplemental Guarantors, Lenders may use SBA Form 413 or their own equivalent form signed and dated within 90 days of submission to SBA.

SOP 50 10 8.1, Appendix 20: Submission of Application for Guaranty > SBA Form 1919 (lines 5750-5760)✓ Verified

“SBA Form 413, Personal Financial Statement (or CDC’s equivalent form), signed and dated within 90 days, as well as copies of Federal income tax returns for the last 1 year, for each:

SOP 50 10 8.1, Chapter 1: Eligibility through Submission of Application > For “Debt Refinance Without Expansion” projects: (lines 3661-3667)✓ Verified

“The SBA Lender must obtain a personal financial statement from all individuals guaranteeing the loan except for Supplemental Guarantors, dated within 90 days of loan approval.

SOP 50 10 8.1, Chapter 5: Other Core Requirements > Personal Guaranties: (lines 1343-1349)✓ Verified

“Non-owner spouses are not required to sign the personal financial statement.

SOP 50 10 8.1, Chapter 5: Other Core Requirements > Guaranty of Spouse: (lines 1350-1353)✓ Verified

“SBA Form 413 Personal Financial Statement

SOP 50 10 8.1, Appendix 1: Forms and Related SOPs > IRS Form 8821 Tax Information Authorization (lines 4075-4089)✓ Verified

Have a deal in mind?

Tell us about it and we will tell you how these rules apply, and which lenders finance deals like yours.

See if your deal qualifies →Broker or lender? Ask the SOP your own question