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Thus SBA Form 1010C serves many purposes and is a widely recognized commonly used business plan format. This guide uses these two terms interchangeably. Other Uses for SBA Form 1010C when applying for particular loans. END of SAMPLE The complete SBA 1010c Business Plan Kit provides 157 more pages of instruction expert advice and SBA approved business plan examples. The SBA Form 1010C however is likely to be somewhat different in style and in format from other business plans you might have...
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How to fill out sba form 1010c
How to fill out SBA form 1010C:
01
Gather all necessary information and documents required for the form.
02
Begin by filling out the top section of the form, including your name, contact information, and business details.
03
Provide information about your business ownership, including the type of ownership, the date the business was established, and the percentage owned by each owner.
04
Fill in the details of the business's financial information, such as annual sales, cost of goods sold, and any outstanding loans.
05
Provide information about any affiliates or subsidiaries of the business, including their names, addresses, and relationship to your company.
06
Complete the section on any past participation in federal government contracts, grants, or loans, if applicable.
07
Answer the questions related to certifications and representations, ensuring that you provide accurate and truthful information.
08
Sign and date the form, certifying that the information provided is correct.
09
Submit the completed form as per the instructions provided.
Who needs SBA form 1010C:
01
Small business owners who are seeking assistance or loans from the Small Business Administration (SBA) may need to fill out form 1010C.
02
Individuals who are applying for federal contracts or grants may also be required to submit this form.
03
It is generally used to gather important information about the business, its owners, and its financial status to determine eligibility for various SBA programs and assistance.
Video instructions and help with filling out and completing sba form 1010c
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The question I'm not going to answer the question that I'm going to answer today is how to complete the personal financial statement correctly this is a common question because the personal financial statement is often completed incorrectly causing delays and even loan declines, so I'm going to answer this in two videos first video is going to show you how to complete the personal financial statement correctly which will save you time and headache the second video is going to show you how the bank will interpret your personal financial statement which will help you identify the strengths and weaknesses of your personal financial statement, and you'll be able to make some adjustments hopefully prior to submission of your personal financial statement personal financial statements also called the PFS just the acronym for it okay so couple quick things you only have one time to give your first impression so let's do it right, so the personal financial statement is a personal document to reflect you and your spouse's financial situation not your businesses not any third parties your uncle's financial information any money they're going to give you etcetera it is to reflect you and your spouse the form that we're going to go over today is called the SBA form 4:13 this is issued by the SBA, and it is required if you are completing an SBA loan and if you're not doing an SBA loan it's a good form to know most banks use it anyway and if you have one of their personal financial statements you can typically just sign their form and then use this one instead okay so let's get started up in the top right here you are going to see expiration date the first thing you want to make sure is that the form is current this one expires September 2014 below that you're going to see an as of date this is where you are going to put the date as all this information is based on I suggest let's pretend today is July 15th, so I would have you print off all of your documents your bank statements your credit card statements your mortgage statements your car loans every financial doubt your stock certain stock information all of those documents as of 6:30, so you want to do go back to the previous month and print off all your documents ending with the last day of the month, so I would put 6:30 up here if it was 7:15 today okay down towards the first third of the second third of the page you're going to see name this is for you and your spouse's name the rule is this if you file a tax return joint then both of those names are to be listed on the personal financial statement just because your spouse is listed does not mean that he or she is a guarantor on the loan, but it does represent that you two own assets together okay residents address is below that I recommend putting wherever you live currently that's usually your personal or primary residence however it could be an apartment, or you could be wherever you're living currently below that is business name and applicant name...
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What is sba form 1010c?
SBA Form 1010c is a U.S. Small Business Administration form that is used to apply for financial assistance for a business, such as a loan or loan guarantee. The form must be completed and submitted to the SBA in order to be considered for any financial assistance.
Who is required to file sba form 1010c?
The U.S. Small Business Administration (SBA) requires all applicants to the 8(a) Business Development Program to submit SBA Form 1010C: Annual Update of Information.
What is the purpose of sba form 1010c?
SBA Form 1010C is a form used to register a business with the Small Business Administration (SBA). This form is used to provide the SBA with information about the business, such as its name, address, contact information, and other relevant information. By registering with the SBA, businesses can gain access to resources and funding opportunities.
When is the deadline to file sba form 1010c in 2023?
The deadline to file SBA Form 1010C in 2023 has not yet been announced. However, the SBA typically requests that Forms 1010C be filed within 10 days of the event or disaster that prompted the filing.
How to fill out sba form 1010c?
To assist you in filling out the SBA Form 1010C, it is important to note that there are several versions of this form, each designed for different purposes. The following steps will guide you through the process of completing the SBA Form 1010C for a "Business Loan Application" as of my knowledge:
1. Obtain the latest version of the SBA Form 1010C from the Small Business Administration's official website or from your lender.
2. Understand the purpose of the form, which is to collect essential information about your business, including its owners, financial history, and other necessary details for loan consideration.
3. Begin by fulfilling the basic identification information of your business, such as the legal name, trade name (if applicable), address, contact information, and type of ownership.
4. Provide information about the ownership and management structure of your business. This includes specifying the names, titles, SSN, date of birth, and percentage ownership for each owner, partner, officer, and director.
5. Complete the sections related to the loan request, such as the loan type, purpose (e.g., working capital, equipment purchase), and requested loan amount.
6. Proceed to the Financial Information section, where you will be required to provide the business's current financial data. This includes the most recent fiscal year-end balance sheet and profit and loss (income statement) statements. Ensure that the provided numbers align with your business's financial records.
7. Fill out the Personal Financial Statement section, which typically requires information about the personal assets, liabilities, and income of each owner with a significant ownership interest, and guarantors.
8. Complete any additional sections or questionnaires specific to your loan request or lender's requirements. These may include sections on collateral, previous government loans, or any other necessary information.
9. Review the completed form carefully, ensuring all information is accurate, properly formatted, and legible.
10. Sign and date the form in the designated areas. Additionally, make sure all required signatures from authorized individuals are obtained, such as the owner or authorized representative of the business.
11. Make a copy of the completed form for your records.
Remember, these steps are generally applicable, but the specific requirements and sections of the form may vary depending on the version and purpose of the SBA Form 1010C. It is recommended to carefully read the instructions provided with the form and consult with your lender or a business advisor if you require further guidance or clarification.
What information must be reported on sba form 1010c?
SBA Form 1010C, also known as the "Business Credit and Insurance Application," requires the following information to be reported:
1. Business Information: Name, address, telephone number, employer identification number (EIN), date established, legal structure (sole proprietorship, partnership, corporation, etc.), and NAICS code.
2. Applicant Information: Business owner's name, address, social security number (SSN), date of birth, and percentage of ownership.
3. Loan Request Information: Amount of loan requested, purpose of loan, and collateral offered.
4. Business Financials: Gross sales/revenue for the past three years, cost of goods sold/operating expenses, net income/loss, accounts payable/receivable, current assets/liabilities, balance sheet, profit and loss statement, and tax returns for the past three years.
5. Business Insurance Information: Details of current insurance policies carried by the business, including types of coverage, policy numbers, and expiration dates.
6. Personal Financial Statement: Personal assets and liabilities of the business owner(s), including bank accounts, real estate, investments, outstanding loans, credit card debt, etc.
7. Additional Business Information: Description of the business, products/services offered, market analysis, competition analysis, and future growth plans.
It's important to note that the specific requirements may vary depending on the purpose and type of loan being sought, so it's recommended to carefully review the instructions provided with the form or consult with a knowledgeable professional.
What is the penalty for the late filing of sba form 1010c?
The Small Business Administration (SBA) does not specify a specific penalty for the late filing of the Form 1010C. However, it is important to note that failure to timely file required documents with the SBA may result in negative consequences, such as delays in loan processing or potential denial of funding. It is recommended to reach out to the SBA directly or consult with a professional advisor to understand the potential implications and appropriate actions to take in case of late filing.
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