Personal Documents (All Owners 20%+)
Every owner with 20% or more ownership must provide:
Required for All Applications
- Personal tax returns (3 years): All pages and schedules, signed
- SBA Form 413: Personal Financial Statement (dated within 90 days of loan approval)[1]
- Resume: Highlighting relevant business/industry experience
- Photo ID: Driver's license or passport
- Citizenship status: Every owner must be a U.S. citizen or U.S. national with a principal residence in the U.S. (green-card holders are not eligible owners under SOP 50 10 8.1)
- Authorization to release information: Lender-specific form
May Be Required
- Spouse's tax returns: If relying on joint income or assets (a non-owner spouse signs collateral documents for pledged joint property but doesn't complete the PFS)
- Bank statements (3 months): All personal accounts showing equity source
- Investment account statements, 401(k), IRA, brokerage if used for equity
- Explanation letters: For credit issues, gaps in employment, etc.
Business Documents (Existing Business)
For acquisitions or refinancing of existing businesses:
Core Documents
- Business tax returns (3 years): All pages and schedules
- Year-to-date P&L and balance sheet: Within 60 days, ideally CPA-prepared
- Accounts receivable and payable aging: If applicable
- Debt schedule: All existing business debts with balances, payments, terms
- Business bank statements (3-6 months)
Entity Documents
- Articles of incorporation/organization
- Operating agreement or bylaws
- Business licenses and permits
- Certificate of good standing: From state
- Ownership breakdown: All owners and percentages
Startup Documents
For new businesses without operating history:
- Business plan: Executive summary, market analysis, operations, financials
- Financial projections (3 years): Monthly Year 1, annual Years 2-3
- Assumptions document: How you derived your projections
- Market research: Industry data, local market analysis
- Resumes for all key managers
Acquisition Documents
When buying an existing business:
- Letter of Intent (LOI) and every purchase agreement for the deal (all must be in the lender's file)
- Seller's tax returns (3 years): The lender verifies them against IRS tax transcripts
- Seller's financial statements: 3 years, plus the current interim and the prior-year interim
- Asset list: Equipment, inventory, FF&E being purchased
- Business valuation: Required on every business purchase; independent unless the price is $350,000 or less and buyer and seller aren't closely related
- Quality of Earnings report: Required at a business price of $3 million or more (first-time buyers and expansions), ordered for the lender
- Seller's reason for selling: Explanation
Real Estate Documents
For commercial real estate purchases (SBA 504 or 7(a)):
- Purchase agreement: Fully executed
- Property appraisal: Lender will order this
- Environmental assessment (Phase I): Lender may order
- Survey and legal description
- Title commitment
- Property tax bills
- Rent roll: If any tenant income
- Existing leases: If purchasing leased property
Lease Documents
For leased locations:
- Current lease: Or lease term sheet if new
- Lease assignment agreement: For acquisitions
- Landlord estoppel: Lender may require
- Lease subordination agreement: Lender may require
Important: SBA requires lease term (with options) to match or exceed loan term, typically 10+ years.
Franchise Documents
For franchise loans:
- Franchise Disclosure Document (FDD): Current version
- Franchise agreement: Your specific contract
- Franchisor approval letter: Confirming you're approved
- Item 19 financial data: Highlighted if available
- SBA Franchise Directory listing: Confirmation franchise is eligible[3]
Hotel-Specific Documents
- STR (Smith Travel Research) reports: Market comp data
- PIP (Property Improvement Plan): If brand-required
- Franchise agreement: For flagged properties
- Management agreement: If using third-party management
- FF&E reserve documentation
Restaurant-Specific Documents
- Health department inspection history
- Liquor license: If applicable, and transfer documentation
- Equipment list with age/condition
- Menu and pricing
- POS sales data: For acquisitions
SBA-Specific Forms
Your lender will provide these, but be aware:[2]
- SBA Form 1919: Borrower Information Form
- SBA Form 413: Personal Financial Statement
- SBA Form 912: Statement of Personal History
- SBA Form 159: Fee Disclosure (if using broker)
- IRS Form 4506-C: Tax transcript authorization
Tips for a Smooth Process
- Organize digitally: Create a shared folder with clearly labeled files
- Date everything: Lenders need current documents (60-90 days)
- Sign where required: Tax returns need signatures
- Be consistent: Numbers should match across documents
- Prepare explanations: Draft letters for any issues upfront
- Respond quickly: Delays in providing documents delay closings