Key takeaways
What this article covers, in order:
- Who has to complete SBA Form 413
- Timing: how current the figures must be
- What the form asks for, section by section
- Worked example: two owners of a bakery LLC
- Tips for filling it in
- Common mistakes
The SBA personal financial statement is SBA Form 413, a four-page form listing your personal assets, liabilities, income and contingent liabilities, ending in your net worth. The SBA and its lenders use it to judge repayment ability and creditworthiness for 7(a) loans, 504 loans and surety bonds, for disaster business loans, and to test economic disadvantage for the Women-Owned Small Business (WOSB) and 8(a) Business Development programs. If you own 20% or more of a business applying for an SBA loan, expect to complete one.
Here is who must file it, what each section asks for, how to fill it in with a worked example, and the mistakes that slow applications down.
Who has to complete SBA Form 413
The form itself sets out who completes it, and the list depends on the program.
7(a) loans, 504 loans and surety bonds
- Each proprietor
- Each general partner
- Each managing member of an LLC
- Each owner of 20% or more of the applicant's equity, including the assets of the owner's spouse and any minor children
- Any person providing a guaranty on the loan
You return it to the lender (7(a)), the Certified Development Company (504) or the surety company or agent, not directly to the SBA.
Disaster business loans
Each applicant, general partner, managing member of an LLC, owner of 20% or more of the equity, and anyone providing an unlimited guaranty. It goes to the SBA's disaster processing center.
WOSB and 8(a) programs
Each individual claiming economic disadvantage completes it, and a spouse completes a separate form unless the couple is legally separated. WOSB participants must update it as things change, and at least annually. For these programs, the form is submitted and certified through the SBA's certification portal.
Timing: how current the figures must be
The form has an as-of date, and it must be recent. The current version says the information must be within 90 days of submission for disaster loans, and within 120 days for 7(a), 504, surety bond, 8(a) and WOSB applications. If your application drags on, your lender may ask for an updated form. Always download the current edition from SBA.gov; the version in use at the time of writing carries OMB approval number 3245-0188 with an expiration date of August 31, 2027.
What the form asks for, section by section
Page 1 header
Your name, contact details, the applicant business's name, and its type (corporation, S corporation, LLC, partnership or sole proprietorship).
Assets (omit cents)
- Cash on hand and in banks; savings accounts
- IRA or other retirement accounts
- Accounts and notes receivable owed to you personally
- Life insurance, cash surrender value only
- Stocks and bonds
- Real estate
- Automobiles (year, make and model)
- Other personal property and other assets
Liabilities
- Accounts payable
- Notes payable to banks and others
- Installment accounts (auto and other), with monthly payments
- Loans against life insurance
- Mortgages on real estate
- Unpaid taxes
- Other liabilities
Net worth is total assets minus total liabilities, and liabilities plus net worth must equal total assets.
Section 1: income and contingent liabilities
Annual income from salary, net investment income, real estate income and other income, plus contingent liabilities: debts you have endorsed or co-signed, legal claims and judgments, provision for federal income tax, and other special debt. Alimony or child support need not be listed as income unless you want it counted.
Sections 2 to 8: the detail
- Section 2, notes payable: each lender, original and current balance, payment and collateral
- Section 3, stocks and bonds: holdings, cost and market value
- Section 4, real estate: each property with purchase date, cost, market value, mortgage holder and balance
- Section 5, other personal property and assets, including any liens
- Section 6, unpaid taxes: type, to whom, when due and any lien
- Section 7, other liabilities
- Section 8, life insurance held: face amount, cash surrender value, insurer and beneficiaries
Signature and certification
You authorise the SBA, lender or surety to verify your statements and certify under penalty of criminal prosecution that the information is true and complete. When spousal assets are included for a 20% owner, the spouse signs too. The form spells out the federal penalties for knowingly false statements, which can include fines and imprisonment.
Worked example: two owners of a bakery LLC
Priya and Dev own Sunrise Bakery LLC in Tucson, 60% and 40%, and are applying for a 7(a) loan to buy a second oven line. Both own more than 20%, so both complete Form 413. Priya is the managing member and is unmarried. Here is her statement:
Assets
- Cash in checking: $18,000
- Savings: $25,000
- IRA: $62,000
- Stocks (brokerage account): $14,000
- Real estate, primary residence at current market value: $410,000
- Automobile (2022 sedan): $22,000
- Other personal property: $15,000
- Total assets: $566,000
Liabilities
- Accounts payable (credit card balances): $3,200
- Installment account, auto loan: $12,500
- Mortgage on residence: $285,000
- Total liabilities: $300,700
Net worth: $566,000 - $300,700 = $265,300. Check: $300,700 + $265,300 = $566,000, which matches total assets.
Contingent liabilities: she co-signed a $20,000 note for her brother, so she lists it as an endorser or co-maker. Leaving it off is a common and avoidable problem; lenders see it on her credit report anyway.
Dev is married, so his Form 413 includes his spouse's assets and liabilities, and his spouse signs the certification. Both owners should also expect to personally guarantee the loan: SBA rules say holders of at least a 20% ownership interest generally must guarantee it.
Tips for filling it in
- Use personal information, not business information. The bakery's equipment and bank balance belong on the business financial statements, not here. Ask your lender how they want your ownership interest in the business shown, if at all.
- Use current market values for real estate, vehicles and securities, and be ready to support them.
- Reconcile to statements. Every balance should tie to a bank, brokerage, loan or mortgage statement dated close to your as-of date.
- Split joint assets correctly where the program asks you to, and note how you did it.
- Use attachments when a section does not fit, and sign each attachment as the form requires.
Common mistakes
- Using an old edition of the form instead of the current SBA.gov download
- An as-of date older than the 90- or 120-day window
- Totals that do not balance
- Omitting contingent liabilities, unpaid taxes or co-signed loans
- Mixing business assets into the personal statement
- Missing spouse information or signature where required
hellobooks< / a > -helps-with-the-business-side-of-the-application">How HelloBooks helps with the business side of the application
Form 413 is personal, but an SBA lender will also want the business's financial statements, and the two need to tell a consistent story. HelloBooks produces the business profit and loss, balance sheet and cash flow statement on demand, with AR and AP aging for the lender's working-capital questions. Bank reconciliation and an audit trail mean the figures tie to your bank statements, and keeping business and personal transactions in separate books makes it obvious which assets belong on which form. You can export reports to CSV or share them with your accountant for review before they go to the lender.
This is general information as of November 2026, not legal, tax or lending advice. Always use the current SBA Form 413 from SBA.gov and follow your lender's instructions.
