what is trade name on sba loan application

what is trade name on sba loan application

The Small Enterprise Administration (SBA) makes use of Kind 1919 to assemble details about your enterprise and its homeowners. It is required for the SBA 7(a) program. With 26 questions, it is longer than many different SBA varieties, so put aside a minimum of an hour to fill it out.

Earlier than you get began

Part I of Kind 1919 goes into element about your enterprise’s handle, homeowners, how a lot you need to borrow, your money owed and any connection to the federal government.

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Earlier than you get began, be certain that your type is up-to-date by checking the expiration date within the high right-hand nook. If it isn’t, you will discover the newest model on the SBA web site.

You’ll be able to both fill out the shape in darkish ink or sort right into a PDF reader. All signatures have to be in darkish ink, nonetheless. Print as neatly as doable to keep away from any confusion.

Step 1: Enterprise data

Below Applicant enterprise authorized identify, write the enterprise’s identify because it seems on tax varieties. Examine OC when you’re an working firm — most candidates are. Examine EPC when you’re an Eligible Passive Firm, or an organization that leases property to working corporations. EPCs are solely eligible for actual property financing via the SBA.

If your enterprise has a commerce identify that is totally different from its authorized identify, write that underneath DBA or commerce identify. Fill out your enterprise’s handle, tax ID, cellphone quantity, venture handle, main contact and electronic mail handle because it seems on its tax return.

Step 2: Mortgage data

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Write the quantity you are making use of to borrow subsequent to Quantity of mortgage request and what you propose to make use of the mortgage for subsequent to Goal of the mortgage.

Then fill out the next fields:

  • Variety of workers. Write the variety of full-time and part-time workers — together with enterprise homeowners. Do not embrace contractors.
  • Variety of jobs created because of the mortgage. This quantity would not should be precise, simply an estimate. It ought to embrace enterprise homeowners.
  • Variety of jobs saved due to the mortgage that in any other case would have been misplaced. Write an estimated variety of workers the enterprise expects to let go if it is not authorised — together with enterprise homeowners.

Step 3: Small enterprise applicant possession

Write the identify, title, possession proportion and handle of every one that owns shares within the enterprise. This could embrace all homeowners, companions and buyers. All percentages ought to add as much as 100% — if not, examine your math.

Not sufficient room? Connect one other sheet with extra data.

Step 4: Sure/No and True/False questions

Comply with these instructions to examine both sure or no or true or false for the next units of questions:

Questions 1 – 11

  • Query 1: Coapplicants. Point out whether or not one other firm, like an EPC, is making use of for the SBA mortgage with your enterprise. In the event you examine Sure, every coapplicant should full their very own copy of this kind.
  • Query 2: Earlier SBA mortgage purposes. Point out whether or not you’ve got already utilized for an SBA mortgage prior to now. In the event you examine Sure, connect a sheet detailing whenever you utilized, how a lot you have been seeking to borrow, for what function and whether or not it was authorised.
  • Query 3: Regulatory actions in opposition to your enterprise. Point out if your enterprise is ineligible for an SBA mortgage due to earlier bother with regulators.
  • Query 4: Enterprise agreements. Does your enterprise function underneath any license, franchise, distributor, dealership, membership or jobber agreements? In the event you examine Sure, connect a replica of the settlement and every other related paperwork to your utility.
  • Query 5: Associates. Point out if your enterprise has associates. In that case, connect the record of names.
  • Query 6: Chapter safety. If your enterprise or its associates have filed for chapter, examine Sure. In the event you’re within the strategy of submitting, connect a sheet with particulars.
  • Query 7: Pending authorized motion. If your enterprise is at the moment concerned in a lawsuit, examine Sure and connect a separate sheet with particulars.
  • Query 8: Earlier authorities loans. If your enterprise or its associates have acquired SBA funding or financing from one other authorities company, examine Sure and full query 8. If not, proceed to query 9.
  • Query 8 (a):Delinquencies. Point out if your enterprise or its associates are at the moment late on funds for a authorities mortgage. If not, proceed to query 9.
  • Query 8 (b): Defaults. Has your enterprise or its associates ever didn’t pay again a authorities mortgage? In the event you answered Sure to both of those, present an evidence.
  • Query 9: Exporting. If your enterprise intends to make use of this mortgage to increase or start exporting merchandise to different international locations, embrace a separate sheet with export particulars and the way a lot your enterprise is projected to make.
  • Query 10: Assist together with your utility. These varieties might be tough and time consuming. In the event you intend to make use of a 3rd occasion to assist with the SBA utility or have been referred to a lender, examine Sure. You may want to incorporate data relating to compensation via SBA Kind 159.
  • Query 11: Income from vice. You are not eligible for an SBA mortgage if your enterprise makes any cash from playing, mortgage packaging or pornography.

Questions 12 – 16

  • Query 12: SBA workers. Choose True to verify you might be not an SBA worker and the only proprietor, accomplice, officer, director or stockholder with 10% or extra curiosity within the enterprise making use of for the mortgage.
  • Query 13: Former SBA workers. Choose True to verify you might be not a former SBA worker and the proprietor, accomplice, officer, director, stockholder or different official function within the enterprise making use of for the mortgage.
  • Query 14: Appointed officers. Choose True to verify you might be not a member of Congress or appointed official of the federal authorities and the only proprietor, accomplice, officer, director or stockholder with 10% or extra curiosity within the enterprise making use of for the mortgage.
  • Query 15: Authorities workers. Choose True to verify you might be not a authorities worker with a grade of GS-13 or greater and the only proprietor, accomplice, officer, director or stockholder with 10% or extra curiosity within the enterprise making use of for the mortgage.
  • Query 16: Members, workers and volunteers of Small Enterprise Advisory Councils. Choose True to verify you might be not a member, worker or volunteer of a Small Enterprise Advisory Council or SCORE and the only proprietor, accomplice, officer, director or stockholder with 10% or extra curiosity within the enterprise making use of for the mortgage.

Questions 17 – 26

  • Query 17: Indictments, arraignments and felony fees. In case you are at the moment topic to an indictment, arraignment or formal felony cost, choose Sure. This implies you aren’t eligible for an SBA mortgage.
  • Query 18: Earlier arrests. When you have been arrested throughout the final six months for a felony offense, choose Sure. You have to so as to add particulars, together with dates, sentence and different penalties.
  • Query 19: Legal offense. When you have ever been convicted, plead responsible, plead nolo contendere, positioned on pretrial diversion or positioned on parole or probation for a felony offense, choose Sure. You have to so as to add particulars, together with dates, sentence and different penalties. You aren’t eligible for an SBA mortgage if you’re at the moment on parole or probation.
  • Query 20: Federal exclusion. In case you are at the moment suspended, debarred, ineligible or voluntarily excluded from collaborating in federal applications, choose Sure.
  • Query 21: Youngster help. In case you are greater than 60 days delinquent on an formally mandated little one help fee and personal 50% or extra of the small enterprise making use of for a mortgage, choose Sure.
  • Query 22: Citizenship standing. Choose your citizenship standing and enter your registration quantity and nation of citizenship, if relevant.
  • Query 23: Affiliate companies. In the event you personal or have an possession stake in an affiliate enterprise, choose Sure and supply a listing of all companies, possession proportion and place within the enterprise.
  • Query 24: Earlier chapter. In the event you or a enterprise you managed filed for chapter, choose Sure.
  • Query 25: Present authorized motion. In the event you or a enterprise you management are at the moment concerned in authorized motion, choose Sure.
  • Query 26: Federal loans. In the event you or any enterprise you owned ever acquired a direct or assured mortgage from the SBA or different federal company — together with pupil loans — choose Sure. In case your reply is sure, point out whether or not the mortgage is delinquent or in default for questions 26(a) and 26(b), respectively.

What’s SBA Kind 1919?

Kind 1919 is what the Small Enterprise Administration makes use of to get common details about your enterprise and its homeowners. This consists of who the homeowners are, if they’ve any conflicts of curiosity and if the companies or any of its homeowners have any money owed or had any run-ins with the legislation. It is also called the SBA’s borrower data type.

What do lenders use it for?

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Your lender and the SBA use this kind for a number of functions. Primarily, it helps them decide if your enterprise is eligible for the mortgage, what different varieties you might want to fill out and authorizes the SBA to conduct background checks.

I stuffed out Kind 1919. What’s subsequent?

All that is left is to submit your type to your lender. Nevertheless, relying on the solutions to a few of the questions, you may must fill out another varieties.

For instance, if any of the principals have a felony historical past, all principals should fill out and submit Kind 912, which fits into extra element. And if your enterprise plans to make use of any third events to assist with the applying, it would must submit Kind 159.

Attain out to your lender or the SBA you probably have any questions.

Examine high SBA mortgage suppliers

Backside line

Kind 1919 may appear extra concerned than another SBA varieties, but it surely’s comparatively straight-forward as a result of it solely includes fundamental details about the enterprise and its homeowners. There’s not one of the fancy math that is required for the private monetary assertion, for instance, and also you may not must dig deep into your private and enterprise recordsdata for solutions.

You’ll be able to study extra about how SBA loans work by visiting our information or try our enterprise loans web page for much more financing choices.

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