{"id":4849,"date":"2023-02-14T16:04:00","date_gmt":"2023-02-15T00:04:00","guid":{"rendered":"https:\/\/www.soundcu.com\/?p=4849"},"modified":"2025-06-11T15:58:12","modified_gmt":"2025-06-11T22:58:12","slug":"preparing-your-sba-loan-application","status":"publish","type":"post","link":"https:\/\/www.soundcu.com\/blog\/preparing-your-sba-loan-application\/","title":{"rendered":"Preparing Your SBA Loan Application"},"content":{"rendered":"<div class=\"co-flex_row co-flex_row__blue co-flex_row__long-form-text co-flex_row__next_row__two-column-bio\" >\n\t<div class=\"co-flex_row--row co-row\">\n\t\t\t<div class=\"co-long_form\">\n\t\t\t\t\t<div class=\"co-long_form--block co-long_form--block__nomedia prow items-start \">\n\t\t\t\t<div class=\"co-long_form--text pcol-md:12\">\n\t\t\t\t\t<div class=\"co-long_form--content\"><h2>Preparing Your SBA Loan Application<\/h2>\n<p>The US Small Business Administration is a government department aimed at helping small business. One of the ways they do this is to offer loan programs to small business owners. You\u2019re borrowing from Sound Credit Union, who as an SBA-approved provider, will lend you the money (the SBA guarantees the loan to the credit union).<\/p>\n<p>To help prepare your SBA Loan application with Sound Credit Union, follow these guidelines.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Check Your Credit Rating<\/strong><\/h3>\n<p>Both Sound and the SBA want to be confident your credit rating is strong, so it\u2019s important you\u2019re aware what it is. Identify any blemishes on your personal and business credit report and fix or clear up any inaccuracies. The SBA and your credit union are going to want to know that you\u2019re fully prepared to explain your credit rating.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Documentation<\/strong><\/h3>\n<p>Regardless of which loan you\u2019re applying for, there\u2019s paperwork that applies to all of them. Getting all of the below organized in advance should speed up the process and demonstrate your diligence.<\/p>\n<ul>\n<li>Outline your personal background, educational and business experience and your previous addresses going back at least two years<\/li>\n<li>An <strong><a href=\"https:\/\/www.soundcu.com\/blog\/starting-your-business-business-plan-template\/\" target=\"_blank\" rel=\"noopener\">updated business plan<\/a><\/strong> so the SBA understands your business and strategy, reasons for applying for the loan, planned goals and objectives<\/li>\n<li>A resume that lays out your employment history, both as a business owner and as an employee. Emphasize evidence of management or business experience, especially if you\u2019re starting a new business<\/li>\n<li>Any debts or liabilities<\/li>\n<li>Your contribution to the loan and how you intend to make repayments.<\/li>\n<\/ul>\n<p>Once you\u2019ve collected the information around the history and state of your business, it\u2019s time to locate the financial documents. The SBA and Sound will want to see:<\/p>\n<ul>\n<li>Income tax returns for the past 3 years<\/li>\n<li>Financial statements.<\/li>\n<li>Any legal documents such as business licenses and registrations, copies of contracts with any third parties and commercial leases, depending on what\u2019s required<\/li>\n<li>Any loans you\u2019ve applied for in the past, as well as any applications that may have been declined.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><strong>SBA Forms<\/strong><\/h3>\n<p>There are several forms you\u2019ll need to fill out, depending on the loan you\u2019re applying for. In most cases, you\u2019ll have to complete:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.sba.gov\/document\/sba-form-1919-borrower-information-form\" target=\"_blank\" rel=\"noopener\"><strong>Borrower Information Form<\/strong><\/a><strong>\u00a0(1919)<\/strong><br \/>\nThis is one of the longer forms you\u2019ll need to complete, and if you have a business manager or another loan guarantor, they\u2019ll need to complete this form as well. It applies to all small business structures. The SBA is looking to determine your suitability for a loan.<\/li>\n<li><a href=\"https:\/\/www.sba.gov\/document\/sba-form-912-statement-personal-history\" target=\"_blank\" rel=\"noopener\"><strong>Statement of personal history<\/strong><\/a><strong>\u00a0(912)<br \/>\n<\/strong>You should attach this form to your own personal background information. If you answer Yes to any of the criminal offense questions, it\u2019s also helpful to attach any relevant documentation.<\/li>\n<li><a href=\"https:\/\/www.sba.gov\/document\/sba-form-413-personal-financial-statement\" target=\"_blank\" rel=\"noopener\"><strong>Personal financial statement<\/strong><\/a><strong>\u00a0(413)<br \/>\n<\/strong>The SBA uses this information to determine if you\u2019ll be able to meet the loan repayments.<\/li>\n<\/ul>\n<p>It\u2019s always best to check these forms with your credit union representative, or at the very least, get them to review the paperwork before you submit it to the SBA.<\/p>\n<p>&nbsp;<\/p>\n<h3>Summary<\/h3>\n<p>At the end of the day, the better prepared you are, the more streamlined the process will be. Remembering that the funds are coming from your credit union, it\u2019s wise to complete your application with their assistance. Not only do they have their own criteria, but as an SBA lender they\u2019ll be able to guide you through the process.<\/p>\n<hr \/>\n<p>No matter what wave of life your business is in, <a href=\"https:\/\/www.soundcu.com\/\">Sound Credit Union<\/a> is here for you. Contact our Business Banking team today.<\/p>\n<p><a class=\"co-button\" href=\"https:\/\/www.soundcu.com\/business-loans\/#businesscontactform\">BUSINESS LENDING \u00bb<\/a>\u00a0 \u00a0<a class=\"co-button\" href=\"https:\/\/www.soundcu.com\/business-services\/#businessservicescontact\">BUSINESS BANKING SERVICES \u00bb<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\n\t<\/div>\n<\/div>\n\n\n<div class=\"co-flex_row co-flex_row__blue co-flex_row__last co-flex_row__two-column-bio\" >\n\t<div class=\"co-flex_row--row co-row\">\n\t\t\t<div class=\"co-two_col_bios\">\n\t\t\t\t<header class=\"co-intro_text\">\n\t\t\t<h2 class=\"co-intro_text--title\">Meet the Business Lending Team<\/h2>\t\t<\/header>\n\t\t\t\t<div class=\"co-two_col_bios--list prow\">\n\t\t\t\t      <div\n       class=\"co-two_col_bio js-accordBio closed pcol-md:6\"\n       data-moreinfo=\"       &lt;div class=&quot;\n        co-two_col_bio_detail\n        closed\n        prow\n       &quot;&gt;\n        &lt;div class=&quot;\n         co-two_col_bio_detail--bio\n         pcol-md:8\n        &quot;&gt;\n         &lt;p&gt;Whether you\u2019re applying for a loan or have a quick question, our Business Loan Officers are here to help. Servicing loans up to $500,000.&lt;\/p&gt;\n        &lt;\/div&gt;\n        &lt;div class=&quot;\n         co-two_col_bio_detail--contact\n         pcol-md:4\n        &quot;&gt;\n         &lt;p&gt;&lt;a href=&quot;mailto:wplain@soundcu.com&quot;&gt;wplain@soundcu.com&lt;\/a&gt;&lt;br \/&gt;\nCell: &lt;a href=&quot;tel:2533847553&quot;&gt;253.384.7553 &lt;\/a&gt;&lt;\/p&gt;\n        &lt;\/div&gt;\n       &lt;\/div&gt;\n       \"\n      >\n       <div class=\"co-two_col_bio--headshot_wrap\">\n        <div class=\"co-two_col_bio--headshot_wrap__true\">\n         <img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"285\" src=\"https:\/\/www.soundcu.com\/files\/9WendiPlain_230x285.jpg\" class=\"co-two_col_bio--headshot\" alt=\"Wendi Plain Sound Credit Union Small Business Loan Officer\" srcset=\"https:\/\/www.soundcu.com\/files\/9WendiPlain_230x285.jpg 230w, https:\/\/www.soundcu.com\/files\/9WendiPlain_230x285-61x75.jpg 61w\" sizes=\"auto, (max-width: 230px) 100vw, 230px\" \/>        <\/div>\n       <\/div>\n       <div class=\"co-two_col_bio--top\">\n        <h3 class=\"co-two_col_bio--name\">Wendi Plain<\/h3>        <div class=\"co-two_col_bio--title\">\n         Small Business Loan Officer        <\/div>\n        <div class=\"co-two_col_bio--add_info\">\n         <p>Serving All Puget Sound Branches, Everett to Olympia.<\/p>\n        <\/div>\n                 <button\n          class=\"\n           co-two_col_bio--toggle\n           js-accordBio_toggle\n           closed\n           ani_button\n          \"\n          aria-label=\"open extended bio and contact info\"\n         >Learn more and contact<\/button>\n               <\/div>\n      <\/div>      <div\n       class=\"co-two_col_bio js-accordBio closed pcol-md:6\"\n       data-moreinfo=\"       &lt;div class=&quot;\n        co-two_col_bio_detail\n        closed\n        prow\n       &quot;&gt;\n        &lt;div class=&quot;\n         co-two_col_bio_detail--bio\n         pcol-md:8\n        &quot;&gt;\n         &lt;p&gt;Whether you\u2019re applying for a loan or have a quick question, our Business Loan Officers are here to help. Servicing loans exceeding $500,000.&lt;\/p&gt;\n        &lt;\/div&gt;\n        &lt;div class=&quot;\n         co-two_col_bio_detail--contact\n         pcol-md:4\n        &quot;&gt;\n         &lt;p&gt;&lt;a href=&quot;mailto:lsherman@soundcu.com&quot;&gt;lsherman@soundcu.com&lt;\/a&gt;&lt;br \/&gt;\nCell: &lt;a href=&quot;tel:360-480-3376&quot;&gt;360.480.3376&lt;\/a&gt;&lt;\/p&gt;\n        &lt;\/div&gt;\n       &lt;\/div&gt;\n       \"\n      >\n       <div class=\"co-two_col_bio--headshot_wrap\">\n        <div class=\"co-two_col_bio--headshot_wrap__true\">\n         <img loading=\"lazy\" decoding=\"async\" width=\"230\" height=\"285\" src=\"https:\/\/www.soundcu.com\/files\/LeeSherman_230x285.jpg\" class=\"co-two_col_bio--headshot\" alt=\"\" srcset=\"https:\/\/www.soundcu.com\/files\/LeeSherman_230x285.jpg 230w, https:\/\/www.soundcu.com\/files\/LeeSherman_230x285-61x75.jpg 61w\" sizes=\"auto, (max-width: 230px) 100vw, 230px\" \/>        <\/div>\n       <\/div>\n       <div class=\"co-two_col_bio--top\">\n        <h3 class=\"co-two_col_bio--name\">Lee Sherman<\/h3>        <div class=\"co-two_col_bio--title\">\n         SBA Business Loan Officer        <\/div>\n        <div class=\"co-two_col_bio--add_info\">\n         <p>Serving All Puget Sound Branches, Everett to Olympia.<\/p>\n        <\/div>\n                 <button\n          class=\"\n           co-two_col_bio--toggle\n           js-accordBio_toggle\n           closed\n           ani_button\n          \"\n          aria-label=\"open extended bio and contact info\"\n         >Learn more and contact<\/button>\n               <\/div>\n      <\/div>\t\t\t<\/div>\n\t\t\t<\/div>\n\t<script>\n\t\tvar twoColBios = {\n\t\t\ttoggleEls: document.getElementsByClassName('js-accordBio_toggle'),\n\t\t\tcurMemberEl: false,\n\t\t\tprevMemberEl: false,\n\t\t\tprevBioEl: false,\n\t\t\tprevToggleEl: false,\n\t\t\tslideToggle: false,\n\t\t\talreadyInit: false,\n\t\t\tcreateEl: function(html) {\n\t\t\t\tvar div = document.createElement('div');\n\t\t\t\tdiv.innerHTML = html.trim();\n\t\t\t\treturn div.firstChild;\n\t\t\t},\n\t\t\tgetParent: function(el, className) {\n\t\t\t\tvar p = el.parentNode;\n\t\t\t\twhile ( !p.classList.contains(className) ) {\n\t\t\t\t\tvar o = p;\n\t\t\t\t\tp = o.parentNode;\n\t\t\t\t}\n\t\t\t\treturn p;\n\t\t\t},\n\t\t\tfindInsertPoint: function(x) {\n\t\t\t\tvar that = this;\n\t\t\t\tvar family = that.curMemberEl.parentNode.getElementsByClassName('js-accordBio');\n\t\t\t\tvar familyArray = Array.prototype.slice.call(family);\n\t\t\t\tvar curIndex = familyArray.indexOf(that.curMemberEl);\n\t\t\t\tvar insertPoint = false;\n\t\t\t\tif ( window.layoutView == 'large' || window.layoutView == 'xlarge' ) {\n\t\t\t\t\tif ( curIndex % 2 == 0 && curIndex != family.length - 1) {\n\t\t\t\t\t\tinsertPoint = family[curIndex + 1];\n\t\t\t\t\t} else {\n\t\t\t\t\t\tinsertPoint = that.curMemberEl;\n\t\t\t\t\t}\n\t\t\t\t} else {\n\t\t\t\t\tinsertPoint = that.curMemberEl;\n\t\t\t\t}\n\t\t\t\treturn insertPoint;\n\t\t\t},\n\t\t\topenBio: function(x) {\n\t\t\t\tvar that = this;\n\t\t\t\tif ( that.prevBioEl ) {\n\t\t\t\t\tthat.closeBio();\n\t\t\t\t}\n\t\t\t\tx.classList.remove('closed');\n\t\t\t\tthat.curMemberEl = that.getParent(x, 'js-accordBio');\n\t\t\t\tvar insertPoint = that.findInsertPoint(x);\n\t\t\t\tvar curBio = that.createEl(that.curMemberEl.dataset.moreinfo);\n\t\t\t\tinsertPoint.insertAdjacentElement('afterend', curBio);\n\t\t\t\tcurBio.classList.remove('closed');\n\t\t\t\tthat.slideToggle.open(curBio);\n\t\t\t\tthat.curMemberEl.classList.remove('closed');\n\t\t\t\tthat.prevMemberEl = that.curMemberEl;\n\t\t\t\tthat.prevBioEl = curBio;\n\t\t\t\tthat.prevToggleEl = x;\n\t\t\t},\n\t\t\tcloseBio: function() {\n\t\t\t\tvar that = this;\n\t\t\t\tthat.prevMemberEl.classList.add('closed');\n\t\t\t\tthat.prevToggleEl.classList.add('closed');\n\t\t\t\tvar elToRemove = that.prevBioEl;\n\t\t\t\tthat.slideToggle.close(elToRemove, function() {\n\t\t\t\t\telToRemove.remove();\n\t\t\t\t});\n\t\t\t},\n\t\t\ttoggleBio: function(x) {\n\t\t\t\tvar that = this;\n\t\t\t\tif ( x.classList.contains('closed') ) {\n\t\t\t\t\tthat.openBio(x);\n\t\t\t\t} else {\n\t\t\t\t\tthat.closeBio();\n\t\t\t\t}\n\t\t\t},\n\t\t\tinit: function() {\n\t\t\t\tvar that = this;\n\t\t\t\tthat.alreadyInit = true;\n\t\t\t\tthat.slideToggle = new pixLib.pixSlideToggle;\n\t\t\t\tfor ( var i = 0; i < that.toggleEls.length; i++ ) {\n\t\t\t\t\tthat.toggleEls[i].addEventListener('click', function() {\n\t\t\t\t\t\tthat.toggleBio(this);\n\t\t\t\t\t});\n\t\t\t\t}\n\t\t\t}\n\t\t};\n\t\tdocument.addEventListener( 'PixMainScriptsLoaded', function() {\n\t\t\tif( ! twoColBios.alreadyInit){\n\t\t\t\ttwoColBios.init();\n\t\t\t}\n\t\t} );\n\t<\/script>\n\n\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>No matter what wave of life your business is in, Sound Credit Union is here for you. <a href=\"https:\/\/www.soundcu.com\/blog\/preparing-your-sba-loan-application\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":10,"featured_media":11122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_searchwp_excluded":"","footnotes":""},"categories":[49],"tags":[65,66,67,68],"class_list":["post-4849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-commercial","tag-business-lending","tag-business-loans","tag-sba","tag-small-business"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/4849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/comments?post=4849"}],"version-history":[{"count":7,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/4849\/revisions"}],"predecessor-version":[{"id":15837,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/posts\/4849\/revisions\/15837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media\/11122"}],"wp:attachment":[{"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/media?parent=4849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/categories?post=4849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soundcu.com\/wp-json\/wp\/v2\/tags?post=4849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}