A personal financial statement, also known as a statement of financial condition, is a comprehensive overview of your financial health. It includes your assets, liabilities, income, and expenses. A personal financial statement template SBA can be a valuable tool for managing your finances and making informed financial decisions.
The SBA requires a personal financial statement when applying for a loan. This is because the SBA wants to assess your ability to repay the loan. A well-prepared personal financial statement will show the SBA that you are a good risk for a loan and that you are likely to be able to repay the loan on time.
What to Include in a Personal Financial Statement
The SBA requires a specific format for personal financial statements. This format includes the following sections:
- Assets: This section lists all of your assets, including cash on hand, checking and savings accounts, investments, real estate, and personal property.
- Liabilities: This section lists all of your debts, including credit card debt, student loans, and mortgages.
- Income: This section lists all of your sources of income, including wages, salaries, self-employment income, and investment income.
- Expenses: This section lists all of your expenses, including housing costs, transportation costs, food costs, and entertainment costs.
In addition to these required sections, you may also include other information that you feel is relevant to your financial situation. This could include things like your credit history, your investment portfolio, or your retirement savings.
How to Use a Personal Financial Statement Template SBA
The SBA provides a personal financial statement template SBA that you can use to create your own personal financial statement. This template is available on the SBA’s website. The template is designed to make it easy to create a complete and accurate personal financial statement.
- Download the template from the SBA’s website.
- Open the template in a spreadsheet program, such as Microsoft Excel or Google Sheets.
- Enter your financial information into the template.
- Review your personal financial statement for accuracy and completeness.
- Submit your personal financial statement to the SBA.
By following these steps, you can create a personal financial statement that will help you get approved for an SBA loan.
Conclusion
A personal financial statement is an important tool for managing your finances and making informed financial decisions. The SBA requires a personal financial statement when applying for a loan. By using a personal financial statement template SBA, you can create a complete and accurate personal financial statement that will help you get approved for an SBA loan.
