When you go to apply for an sba loan one of the very first things your lender is going to request is the personal financial statement or 413 as the sba calls it government really needs to get better at naming forms anywho based on my 10 plus years experience as an sba lender you're gonna get this form wrong more often than you get it right and that's gonna lead to unnecessary back and forth between you and your lender and nobody wants that hey i'm ray drew an actual sba lender and in this video i'm gonna show you step by step how to fill out the 413 and at the end of this video i'm going to share the number one mistake applicants make when completing this form first of all make sure you're filling out the right version of the personal financial statement the sba updates it every couple of years in the top right of page one you'll see an expiration date if the form is expired you have the wrong one page 1 shows the instructions for the form and based on my experience 99 of people don't read these look i get it tiny font no pictures boring let me give you the highlights the instructions are at the top three steps pretty simple or is it if you're watching my channel chances are you're applying for an sba 7a loan and hopefully that means you're on your way to doing something awesome congrats but first paperwork you're going to want to check the box next to sba 7a loan right there and it says to complete this form and i think that's where most people just stop reading but if you keep reading you're going to see that anyone who owns...
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How to prepare Sba Form 355
About Sba Form 355
SBA Form 355, also known as the Small Business Administration Application for Small Business Size Determination, is a form that is used to determine a small business's eligibility for government contracts and assistance programs. It is typically required when a business seeks to participate in federal contracting opportunities and needs to prove its small business status. This form is necessary for businesses that are interested in the following procurement programs: 1. 8(a) Business Development Program: Designed to assist socially and economically disadvantaged small businesses, including those owned by individuals from minority groups. 2. Service-Disabled Veteran-Owned Small Business Concerns (SDVOSBCs): Provides opportunities for businesses that are at least 51% owned and controlled by service-disabled veterans. 3. Historically Underutilized Business Zone (HUBZone) Program: Assists businesses located in underutilized areas to gain access to federal contracts. 4. Women-Owned Small Business (WOSB) Program: Supports businesses that are at least 51% owned and controlled by women. 5. Economically Disadvantaged Women-Owned Small Business (EDWOSB) Program: A subset of the WOSB program, focusing on entities that are both women-owned and economically disadvantaged. Submitting SBA Form 355 assists in determining whether a business meets the requirements for these programs. It requires detailed information about the business's ownership and control, financial data, and other relevant details. The accuracy and honesty of the information provided on this form are crucial to maintaining the integrity of these government programs.
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