Who needs to fill out SBA Form 413?

SBA Form 413 must be completed by: all business owners with 20% or more ownership, all general partners, anyone providing a personal guarantee on the loan, and the spouse of any of the above if assets are jointly held.

How current must SBA Form 413 be?

SBA Form 413 must be dated within 90 days of the loan application. Most lenders require the form to reflect your current financial situation, not historical data.

What is SBA Form 413?

SBA Form 413 is the official Personal Financial Statement required by the U.S. Small Business Administration for all SBA loan applications. It documents your personal assets, liabilities, and net worth. Business owners with 20% or more ownership must complete this form when applying for SBA 7(a), 504, or disaster loans.

Key Requirements

20%+

Ownership threshold

90 days

Maximum age of form

Joint

Spouse must be included

Who Must Complete SBA Form 413?

All business owners with 20% or more ownership
All general partners in a partnership
Anyone providing a personal guarantee on the loan
Spouse of any of the above (if assets are jointly held)

SBA Loan Programs Requiring Form 413

SBA 7(a) Loans

Up to $5 million. Most common SBA loan for working capital, equipment, and real estate.

SBA 504 Loans

Up to $5.5 million. For real estate and major equipment purchases.

SBA Disaster Loans

For businesses affected by declared disasters.

SBA Microloans

Up to $50,000. May require Form 413 depending on lender.

What to Include on SBA Form 413

Assets

Cash on hand and in banks
Savings accounts
IRA or retirement accounts
Accounts & notes receivable
Life insurance (cash surrender value)
Stocks and bonds
Real estate owned
Automobiles
Other personal property

Liabilities

Accounts payable
Notes payable to banks
Notes payable to others
Installment account (auto)
Installment account (other)
Loans against life insurance
Mortgages on real estate
Unpaid taxes
Other liabilities

Common Mistakes to Avoid

Using outdated information

Form must be current within 90 days. Use recent account balances.

Forgetting spouse's information

Joint assets and liabilities must include your spouse.

Omitting retirement accounts

401(k), IRA, and other retirement accounts are assets.

Math errors in net worth

Double-check that Total Assets - Total Liabilities = Net Worth.

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