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Sba 1919 and Sba 1920 Form: What You Should Know

Sep 12, 2023 — SBA Form 1920 is used to complete the borrower agreement. When is the loan due? Are my payments due? What is the balance of the loan? (What am I expected to do with the money? What will it accomplish?)   Note: The first few questions are self-explanatory.  Question #1, #2, and # 3 can be answered by the borrower in the form.  There are no answer options after question #4.  Question #1: If you do NOT have any previous outstanding loans, how much money can I borrow? The default answer is 0. What does this say to the borrower? It would be  informative for a borrower to determine if there are other outstanding student loans or other  undue financial burdens that need to be dealt with (for instance, car payment, health care,  etc).  Question #2: How much will I contribute to the loan? (The borrower can answer  this question) LTV-3 or LTV-1 -- This is what you have to know. As the borrower, there are only two ways to answer this question: the whole amount will be  disbursed immediately (3 or 1) or only a portion of the required amounts will be disbursed (1)  Question #3: How much interest will I pay on the loan? For the purpose of this question, all loan benefits include interest. (As with all  loans here, you don't have to tell SBA what interest rate you will pay. You may choose to  pay an interest-only loan.) The interest rate was calculated as follows: the loan principal + a 3 to 1 return, minus the original loan amount plus a 1.25%  fee (based on an investment return of 3.25 percent).  Question #4: What are the loan term and monthly payments? LTV-3 — For a 2.5 percent monthly payment that was calculated  from the SBA loan application. The repayment would be a 0 monthly payment. The payment  amounts will be added to the loan if there is no other outstanding debt. LTV-1 — The loan was a 1.75 percent, interest-only loan (plus the 1.25 percent fee).

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