The US Small Business Administration (SBA) requires potential borrowers to submit a personal financial statement as part of the loan application process. This statement provides the SBA with a snapshot of your financial situation, including your assets, liabilities, income, and expenses. If you’re planning to apply for an SBA loan, it’s important to have a clear understanding of what’s included in a personal financial statement and how to prepare one.
The SBA personal financial statement template is designed to help you gather the necessary information and present it in a clear and concise format. The template includes sections for the following:
Assets: This section includes a list of all your assets, including cash, investments, real estate, and personal property. You’ll need to provide the value of each asset as of the date of the statement.
Assets and Liabilities
The assets and liabilities section of the US Small Business Administration personal financial statement template is where you will list all of your assets and liabilities. Assets are anything that you own that has value, such as cash, investments, real estate, and vehicles. Liabilities are debts that you owe, such as credit card debt, loans, and mortgages.
When listing your assets, be sure to include the value of each asset as of the date of the statement. You can use the current market value for most assets, but for real estate, you will need to use the appraised value. For liabilities, list the amount of each debt as of the date of the statement.
It is important to be accurate and complete when listing your assets and liabilities. The SBA will use this information to assess your financial situation and determine your eligibility for a loan.
If you have any questions about how to complete the assets and liabilities section of the personal financial statement, be sure to contact the SBA for assistance.
Income and Expenses
The income and expenses section of the US Small Business Administration personal financial statement template is where you will list all of your income and expenses. Income is any money that you receive, such as wages, salaries, and investment income. Expenses are any costs that you incur, such as housing costs, food costs, and transportation costs.
When listing your income, be sure to include all sources of income, even if they are not regular or consistent. For expenses, list all of your regular and recurring expenses, as well as any major one-time expenses.
It is important to be accurate and complete when listing your income and expenses. The SBA will use this information to assess your financial situation and determine your eligibility for a loan.
If you have any questions about how to complete the income and expenses section of the personal financial statement, be sure to contact the SBA for assistance.
Conclusion
The US Small Business Administration personal financial statement template is a valuable tool that can help you prepare a comprehensive and accurate financial statement. By following the instructions in this template, you can ensure that your statement is complete and meets the SBA’s requirements.
If you have any questions about how to complete the personal financial statement, be sure to contact the SBA for assistance. The SBA offers a variety of resources to help you understand the loan application process and prepare the necessary documentation.
