Key takeaways
- Finishing SBA Kind 413 is a required step for many SBA loans.
- The SBA makes use of this manner to evaluate an applicant’s creditworthiness, in addition to their potential to repay the mortgage if permitted.
- You possibly can obtain SBA Kind 413 from the Small Enterprise Administration’s web site.
SBA loans supply lengthy reimbursement phrases and extra favorable charges than different enterprise financing choices, making them a pretty possibility for a lot of small enterprise homeowners. Nearly $30 billion have been awarded to date in fiscal 12 months 2025 for 7(a) and 504 loans, simply two of the choices out there from the Small Enterprise Administration.
Competitors is fierce, and comes with a prolonged approval course of and strict documentation necessities, together with SBA kind 413, the Private Monetary Assertion. Lenders and the SBA use Kind 413 to evaluate your creditworthiness and talent to repay a mortgage, so getting it proper is essential to approval. For debtors hoping to qualify for a 7(a), 8(a), 504, catastrophe mortgage or woman-owned small enterprise certification, figuring out the best way to fill out the shape and what to incorporate might be the distinction between getting funded or denied.
What’s SBA Kind 413?
SBA Kind 413, formally known as “Private Finance Assertion,” is a kind enterprise homeowners should fill out for many SBA loans.
The U.S. Small Enterprise Administration makes use of this manner to evaluate mortgage candidates’ creditworthiness and reimbursement potential. The shape requires you to offer a snapshot of your distinctive monetary scenario by sharing details about your belongings, liabilities and revenue streams.
Who wants to finish SBA Kind 413?
You’ll want to finish SBA Kind 413 should you’re making use of for a 7(a) mortgage, 504 mortgage or surety bond. If you happen to’re making use of for a enterprise catastrophe mortgage, you could full this manner except what you are promoting is structured as a sole proprietorship.
The next kinds of candidates are required to finish SBA Kind 413:
- All proprietors
- Every common associate
- All homeowners with a 20 p.c or increased stake within the firm
- Every managing member of an LLC
- Any individual guaranteeing the mortgage
A separate Kind 413 is required for the proprietor’s partner and minor youngsters for all mortgage and program sorts, apart from catastrophe enterprise loans.
Approval charges
SBA mortgage approval charges fluctuate by state. The state with the very best SBA (7a) mortgage approval fee is California — as of Could 26, 2025, 6,947 candidates in California have been permitted. However, Alaska has the bottom approval fee, at 78, and is among the least populated states within the U.S.
How do you fill out SBA Kind 413?
If you happen to’re able to fill out SBA Kind 413, observe the steps under.
1. Collect required paperwork
Earlier than you start filling out SBA Kind 413, collect the non-public and enterprise paperwork that comprise the knowledge wanted to finish it, similar to:
- Retirement account statements
- Financial institution statements
- Funding statements
- Life insurance coverage insurance policies
- Mortgage statements
- Pay stubs that present your annual revenue
- W-2s
- Actual property and car data, together with lien particulars, in relevant
Essential: The paperwork you present have to be present: inside 90 days for catastrophe loans and 120 days for all different qualifying mortgage sorts.
2. Choose the SBA mortgage sort or program
After you’ve gathered the required paperwork, choose the SBA mortgage sort or program you’re making use of for on the primary web page of SBA Kind 413.
Listed below are the choices you may select from:
The SBA weekly lending report exhibits a abstract of mortgage approvals 7(a) and 504 loans damaged down into completely different demographics, similar to race, veteran standing, business and gender.
3. Enter enterprise and private data
On the high of web page two of the shape, present your identify, enterprise identify, dwelling tackle, enterprise and residential cellphone quantity. Additionally, examine what sort of enterprise entity you’ve got:
Afterward, choose whether or not you’re married should you’re making use of for the WOSB program.
4. Add your belongings and their worth
For this part, you’ll must listing your whole belongings — objects of worth, similar to a checking account or money. You’ll additionally want to offer the worth of your partner’s belongings if married. Your partner might want to full a separate Kind 413 for the WOSB and eight(a) applications.
Under are some extra belongings you’re required to listing:
- Retirement accounts. Listing the worth of your retirement accounts, similar to Roth IRAs, Conventional Roths, 401(ok)s and 403(b)s. If married, embrace the full worth of your spouses’ accounts as properly.
- Accounts and notes receivable. If in case you have unpaid invoices, listing the worth right here.
- Life insurance coverage — money give up worth solely. In case your life insurance coverage coverage features a money worth part, you’ll should listing the present payout quantity you’d obtain after canceling your coverage. This selection comes with complete everlasting life insurance coverage insurance policies. Time period life insurance policies — insurance policies with a set expiration interval — don’t embrace a money worth possibility.
- Shares and bonds. Write down the present market worth of any shares and bonds you and your partner have bought. You’ll present extra particulars in part three.
- Actual property. Present the full present market worth of all the actual property you and your partner personal, together with major residences, rental properties and business property. You’ll share extra particulars in part 4.
- Cars. Listing the present market worth of vehicles you and your partner personal. Don’t embrace any leased autos — they aren’t thought-about belongings.
- Different private property. Embody the approximate worth of your private stuff, similar to an engagement ring, furnishings and electronics.
- Different belongings. Present an estimated worth for any asset not listed above. You’ll describe them intimately in part 5.
5. Add your liabilities and their worth
This part requires you to listing your liabilities. If married, you’ll additionally listing any joint liabilities you’ve got along with your partner.
Liabilities you’ll present data for embrace:
- Accounts and notes payable. If you happen to’ve personally loaned cash to a 3rd get together, listing the excellent quantity.
- Vehicle installment accounts. Present month-to-month funds and complete excellent stability for any autos you lease or finance.
- Different installment accounts. If in case you have some other form of installment accounts, embrace these.
- Loans in opposition to life insurance coverage. If you happen to’ve taken out a mortgage utilizing your life insurance coverage coverage as collateral, embrace the full quantity you borrowed.
- Mortgages on actual property.
- Unpaid taxes. Write down any taxes you owe since submitting your most up-to-date tax return.
- Different liabilities. Listing the full excellent stability on some other money owed not listed above. You’ll present extra particulars in part seven.
When you’ve completed itemizing your liabilities, add them up. Afterward, calculate your internet price by subtracting your complete liabilities out of your complete belongings.
6. Listing revenue and any contingent liabilities
In part one, you’ll must listing your sources of revenue, together with:
- Wage. Listing your annual wage in your tax return and your partner’s annual wage if married.
- Internet funding revenue. Present the full quantity you earn from curiosity or dividends in your investments.
- Actual property revenue. Listing the quantity you earn from actual property minus bills.
- Different revenue. Enter some other revenue not listed above and describe it intimately within the final field on web page two. Together with alimony or little one help funds to you is non-compulsory, however you could embrace it to depend in direction of your complete revenue.
You might also must listing contingent liabilities should you meet sure necessities:
- As endorser or co-maker. Enter any money owed during which you or your partner are co-signers.
- Authorized claims and judgments. Present the excellent quantity of any pending litigation.
- Provision for federal revenue tax. Listing the estimated quantity what you are promoting should put aside to cowl federal taxes for the present 12 months.
- Different particular debt. Share some other debt you didn’t listing above.
7. Add any extra particulars
When you’ve stuffed out part one, full sections two by eight — these sections require you to listing extra details about the belongings and liabilities you listed earlier.
- Part 2: Listing particulars of any money owed you owe to banks or different lenders.
- Part 3: Share extra details about shares and bonds you personal.
- Part 4: Present extra particulars about any actual property you personal.
- Part 5: Add extra particulars about some other private property and different belongings you listed.
- Part 6: Present particulars about any unpaid taxes.
- Part 7: Enter extra particulars about any liabilities you listed within the different liabilities part.
- Part 8: Share particulars about any life insurance coverage coverage you included.
8. Evaluate the shape, signal and date
Double-check the knowledge you offered on the shape to make sure accuracy since errors might result in an SBA mortgage denial. If you happen to need assistance reviewing the shape, take into account contacting an accountant or mortgage specialist. As soon as completed, you’ll signal, date and supply your Social Safety quantity. If you happen to’re married, together with spousal belongings, and are a enterprise proprietor, your partner will even should signal, date and supply their SSN.
Downloading SBA Kind 413
Now that you just’ve reviewed an SBA Kind 413 instance, you’re able to obtain and fill out the shape your self. Go to the SBA’s Kind 413 web page and click on the blue obtain button to open the PDF model. Make sure to save your progress as you full every part. Having your monetary paperwork — like financial institution statements, mortgage balances, and enterprise money owed — available will make the method faster and assist guarantee your kind is correct and full.
The underside line
SBA loans typically include decrease charges and extra versatile reimbursement phrases than typical enterprise loans. However getting one is usually a prolonged course of. Though gathering the mandatory paperwork to fill out SBA Kind 413 will be tedious, doing so might assist you to qualify for among the best small enterprise financing choices.
