Frequently Asked Questions(FAQ)

Can the SBA use my personal assets as collateral?
Whether or not the SBA uses your personal assets as collateral depends on the type of loan that you are applying for. If you are applying for an EIDL loan, your personal assets won’t be used. If you’re applying for (7)a loans or 504 loans, it is possible that the SBA may use your personal assets as collateral.
What additional documents do I need to attach to my form 413?

You will need to include any additional pages that you have used to list your assets and debts. Additionally, while you’re not required to submit other supporting documentation with your form, your lender will likely request additional documents to verify the information you submitted. These documents often include: 

  • Bank account statements

  • Retirement account statements

  • Life insurance statements

  • Pay stubs

  • Other income statements eg. 1099K, 1006 NEC, 1099MISC, 1099D

  • Loan and credit card statements

How long does it take till the lender reviews my personal financial statement for an SBA loan?
The underwriting process, when your lender will review your personal financial statement, typically takes 10 to 14 days. It can take an additional 10 to 21 days for the lender to approve the loan, and then another seven to 14 days for the lender to close on the loan.
What if my liabilities are higher than my assets on my form 413?
The SBA Form 413 is designed to help the SBA understand your financial situation, including the amount of monthly debt that you carry. If your liabilities are higher than your assets, that doesn’t mean that your loan application will automatically be denied. But if your application is denied, remember that you can explore other financing options, including private business loans and business credit cards.
Which section does an IRA belong in the SBA form 413?

You should include your IRA and any other retirement accounts in the assets column of Section 1. 

About the Authors

Paige Cerulli

Written by: Paige Cerulli

Business Content Writer

Paige Cerulli is a content writer and copywriter who specializes in business, finance, pet, and health topics. An entrepreneur herself, Paige enjoys writing about topics that help business owners to make well-informed strategic decisions.

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Kal Salem

Reviewed by: Kal Salem

CPA, PMP and Finance Consultant

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA Services LLC.

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Somer G. Anderson, Ph.D.

Fact checked by: Somer G. Anderson Ph.D., CPA

Accounting and Finance Professor

Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.

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