Demystifying the SBA Loan Application - SBA 7(a) Borrower Information Form 1919
Episode description
The SBA 7(a) Borrower Information Form 1919 is required to be completed by every individual with 20% or more ownership in the applicant business entity whether applying for an SBA 7a or 504 loan.
Completing this form is not complicated but there are a few things that are important to know.
First, the form consists of 26 questions spanning two sections, The first section pertains to the Applicant business and the second section to it’s individual principals or owners.
Before answering the questions, review the Definitions section on Page 1. This section defines the terms Affiliation, Close Relative, Eligible Passive Company, Household Member and Operating Company. You’ll need to know these definitions to answer questions 5,6,7, 8, 12, 14, 15, 16, 21, 23, 24 and 25.
Once you’ve reviewed these definitions you’re ready to move forward to Section I: Applicant Business Information.
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