Section 2 collects information about the business owner. It asks about citizenship, residency, crime and business history. This question on the borrower information form concerns the question of whether you have an interest in companies that are considered affiliates of the applicant. You can determine if other companies you own are considered affiliates by referring to question 5 of Section I of Form SBA 1919. To apply for an SBA 7(a) loan, you must complete Form SBA 1919. This is your borrower information form and includes general information about your business and its owners. Companies that have entered into formal merger agreements with the company applying for the SBA loan. Don`t worry if this sounds a bit overwhelming – we`ll walk you through the entire form question by question. Form SBA 1919 asks questions about criminal history. This includes questions about whether you have been excluded by a federal department or authority and whether you have failed to pay child benefits.
All probations and probations must be revoked before you qualify for an SBA loan. Form 1919 asks several questions about «affiliates.» According to the SBA, a subsidiary understands: While the amount of documentation required to obtain an SBA loan may seem overwhelming, it will help you approve your SBA loan if you take the time to honestly fill out the SBA 1919 form. Providing false information or not disclosing the required borrower information may result in your application being rejected or delayed. First, let`s set the stage and briefly discuss what form SBA 1919 is and who needs to fill it out. However, this is just one of the many forms you`ll need for your SBA 7(a) loan application, so add it to your stack of other documents before you submit it. And don`t forget to add the additional documentation and details you`ll need to provide for any answers you`ve marked «Yes.» This question asks if there will be co-applicants for the loan. If the answer is yes, Section I: Business Application of Form SBA 1919 must be completed and signed by an authorized representative for each applicant. In the first part of Section III, you enter the legal name, tax identification number and contact details of the business owner. They then list all owners, partners, officers, directors, members and holders of shares (as in Section I).
Specify the title, percentage of ownership, TIN, address, and identification. Manager. Anyone hired by the company to manage day-to-day operations must complete the form. Once you have completed Section I of the Borrower Information Form and answered all questions honestly, an authorized representative of the applicant business must sign, date and print their name and title. In this section of form SBA 1919, you must indicate if you have ever taken out other government loans. These include other SBA loans, Federal Housing Administration (FHA) home loans, veterans` loans, student loans, and disaster loans. Sub-questions (a) and (b) also require you to indicate whether any of these loans were in arrears or in default. These questions on the Borrower Information Form relate to previous legal offences. If you answer «yes» to these questions, you may still be eligible for an SBA loan, but you will need to complete Form SBA 912 in addition to Form SBA 1919.
This gives the lender additional information to perform a background check and determine your character to see if you and your business are still eligible for an SBA loan. Sole proprietorship. If you are a sole proprietor, you must complete the form yourself. You can hire a packer, broker, accountant, lawyer or other professional from outside your business to help you complete the form, but if you do, you must disclose this fact and complete Form SBA 159. In addition, any key employee hired by the company to manage day-to-day operations, as well as any other person the SBA needs to provide personal collateral for the loan, must submit the borrower information form. Community Advantage 7(a) is an SBA program for underserved communities. They typically grant up to $250,000 and have an expedited application process. If you are applying for a loan under this program, you must indicate it on Form 1919 and complete Form SBA 2929. The SBA uses from 1919 to collect information about your business, loan application, debts, business owners, and previous government funding.
You will need to complete this form and send it (along with your other documents) to your SBA-approved lender to apply for an SBA 7(a) loan. Yes. Form 1919 includes questions about how your business will use the money received from the SBA loan. For example, if you plan to use more than $10,000 for construction, you will need to disclose it and complete Form SBA 601 to provide more information about construction. Yes. Question 16 on Form 1919 requires you to disclose whether your business generates revenue from gambling or overtly sexual activity or exhibitions. These types of businesses are not approved for an SBA loan. Filling out form SBA 1919 can be a bit tricky. However, submitting an accurate form will help avoid delays in approving your SBA loan. Question 6 of Form 1919 deals with whether your business or one of its affiliates has ever applied for bankruptcy protection.
The bankruptcy of individual owners is dealt with in question 24. If there has been a previous loss to the government resulting from a bankruptcy filing by your company or a guarantor, your loan may not be approved. .