Contrary to what many people think the SBA does not loan money directly to small business owners the loan actually comes from a bank and it's backed by the SBA allowing the bank to take a little more risk than they otherwise may do today's guest has tips if you are applying for an SBA loan at a bank Brandon Hinkle is the CEO of pleura financial com a free online matchmaker between banks and small businesses seeking commercial loans great to see you thanks for having JJ great to be here so that's the biggest misconception right I'm getting an SBA loan it's coming from the SBA that's right a lot of people assume that when they're getting SBA loan the check is coming from the government from the SBA but that's not the case they're actually working with the bank so basically what happens is the bank will you know rely on the guarantee from the SBA but you still have to get a loan decision from the bank they still have to look at the credit criteria in the cash flow and then they're really it's really designed to help those people that have a good amount of cash to repay the debt but maybe don't have the collateral or years in business to justify the loan so the government will help and when you go to the bank would you go and say hey I'm looking for SBA back alone or would they steer you in that direction once they see your business plan and talk to you so if you go to the SBA the SBA will say you've got to you know go talk to an SBA lender that you've got to go talk to let's say US bank or some other banks out...
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Sba 413 Form: What You Should Know
SBA form 434 — Personal Business Financial Statement (SBG) Complete as follows: 1. The personal business financial statement must not exceed ten (10) pages in length (inclusive of the first page of the first personal financial statement) 2. All required information must be included on the first page of the second personal financial statement 3. The personal financial statement must be completed and signed by a person designated by either a proprietor or general partner 4. The personal financial statement (SBG) must include the following information for each proprietor, or a general partner: (1) gross monthly income, including gross operating income: gross income or gross income from businesses, and (2) net monthly income, including net operating income: net income or net income from businesses 5. Net operating income for all the proprietor's business operations must be reported on the personal business financial statement 6. Net operating expenses for all the proprietor's business operations must be reported on the personal business financial statement 7. Gross or net property or other income or expenses from a nonresident or foreign business activity must be reported on the personal business financial statement. SBA Form 434 is updated as follows: The person who serves as the responsible party shall change the name appearing in the personal business financial statement or business income statement on the Form 434 every three (3) years. If the responsible party fails to make the change after receipt of the request from the proprietor or the general partner or the stockholder of a general partnership, SBA shall provide a written notification, together with sufficient documentation, that the responsible party is failing to change the name appearing on the Form 434. 8a) Upon application for the SBA Disaster Loan Program, the proprietor or his general partner may designate a designated responsible party to fill out all the personal financial information for all business entities of the proprietor or general partner in accordance with SBA form 413. This Form 434 is revised: The proprietor or his general partner may request an amendment to an amended personal financial statement from the responsible party after the end of the three (3) year period to update information received from the proprietor or his general partner upon application for the SBA disaster loan program.
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