What this guide helps you evaluate
First-time U.S. founders preparing to work with an SBA-participating lender on a 7(a) request.
This page is designed to help you compare the moving parts, organize due diligence and ask better questions before you commit money, sign a contract or change an operating process.
What to compare first
- Borrower and ownership information
- Business and personal financial statements
- Historical and interim financial statements and tax returns
- Business debt schedule and use-of-proceeds detail
- Purchase agreements, leases, franchise or acquisition documents when relevant
Step-by-step process
- 01
Start with the lender's current checklist because required documents vary by loan size and processing method.
- 02
Prepare a clean ownership chart and identify every required guarantor or affiliate.
- 03
Reconcile tax returns, financial statements, debt schedules and bank records before submission.
- 04
Explain exactly how proceeds will be used and how repayment will come from business cash flow.
- 05
Respond to lender questions with dated, version-controlled files rather than multiple conflicting copies.
Common mistakes and risk checks
- Submitting projections that do not tie to operating assumptions.
- Leaving ownership, debt or affiliate information inconsistent across forms.
- Treating a generic checklist as a substitute for the lender's current SBA requirements.
Primary and official references
Rules, pricing and requirements can change. Use these sources to verify the latest details that apply to your situation.