Demystifying The SBA Loan Application - Form 413 Personal Financial Statement
Episode description
The Personal Financial Statement, often referred to as a PFS for short, is one of the most important documents to the loan application.
The PFS must be completed by all individuals who own 20% or more of the borrowing entity and is to include all personal assets, liabilities, annual income and debt obligations. I want to stress personal financial information, not business. I will address what is necessary to properly document Business financial information in future episodes.
The PFS requires that all requested and relevant information be included. Leaving out details such as monthly rent, credit card obligations, home equity lines of credit and real estate owned will render the PFS incomplete and cause delays, or even worse, a mis-understanding of one or more of the business owners capacity to borrow, which can be the difference between a decline or approval.
If you liked this content, let's connect on social media: Instagram: https://instagram.com/mysbapro Twitter: https://twitter.com/mysbapro LinkedIn: https://linkedin.com/in/ryanpatryck
More ThinkSBA Resources
https://calendly.com/thinksba - Schedule Call https://g.page/thinksba - Google Business Page & Reviews https://thinksba.com/faq - Frequently Asked Questions https://mysbaloanpro.com - My SBA Loan Pro Podcast https://youtube.com/@thinksba - YouTube Channel