Complete guide to SBA Form 1919 Borrower Information Form required for 7(a) small business loans, including filing requirements and detailed instructions.
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SBA Form 1919: Borrower Information Form
Overview
SBA Form 1919 is the standard Borrower Information Form used by the Small Business Administration (SBA) to collect essential information from small business owners applying for 7(a) loans. This form is a critical component of the SBA loan application package and must be completed accurately by all primary borrowers and co-applicants.
Purpose and Authority
Why Form 1919 is Required
The form serves multiple important purposes:
Credit Analysis: Lenders use information to assess credit risk
Background Verification: Establishes borrower identity and background
Financial Assessment: Provides detailed financial and business history
Compliance: Ensures SBA loan program requirements are met
Due Diligence: Supports the lending decision process
Federal Authority
Small Business Act (15 U.S.C. Section 636): Authorizes 7(a) lending program
13 CFR Part 120: SBA 7(a) loan program regulations
SBA Form 919 (Personal Financial Statement): Companion financial document
SBA Form 413: Alternative personal financial statement
Loan Program Context
7(a) Loan Program Overview
The 7(a) loan program is the SBA's most popular lending program:
Maximum Loan Amount: $5 million
Typical Loan Size: $100,000 - $350,000
Terms: Up to 10 years for working capital, 25 years for equipment/real estate
Interest Rate: Prime rate plus 2.75% to 5% spread
SBA Guarantee: SBA guarantees 75-85% of loan amount
Eligible Uses: Working capital, equipment, inventory, real estate, construction
Borrower Eligibility
Borrowers must meet:
Business is small per SBA size standards (varies by industry)
Business is for-profit and operates in the US
Borrower(s) own at least 20% equity stake
Owner(s) have been in business or invested in business
Business legal structure (S-Corp, C-Corp, LLC, Partnership, Sole Proprietor)
Prior business experience as owner
Prior closing/failure of businesses (if applicable)
Section 3: Credit History
Credit Information:
Details of credit accounts
Payment history references
Credit references
Explanation of any credit problems
Status of delinquent accounts
Delinquency Disclosure:
Currently delinquent accounts
Past delinquencies (30+ days)
Foreclosures or repossessions
Bankruptcies (personal or business)
Judgments or liens
Tax liens or IRS disputes
Section 4: Personal Financial Disclosure
Assets:
Real estate ownership and values
Cash and savings accounts
Retirement accounts (401k, IRA)
Life insurance policies
Stocks and bonds
Other valuable assets
Liabilities:
Mortgages and home loans
Auto loans and financing
Credit card debt
Business loans
Personal loans and notes
Contingent liabilities
Net Worth Calculation:
Total assets minus total liabilities
Critical for SBA evaluation
Section 5: Prior Business Relationships
Banking Relationships:
Primary business bank
Years at current bank
Checking account balance
Savings account balance
Previous banking relationships
Other Loan References:
Prior SBA loans (if any)
Other business loans
Equipment financing
Personal loans
Trade credit references
Instructions for Completion
Step-by-Step Guidance
1. Personal Identification:
Use full legal name (as appears on government ID)
Provide current SSN
Enter accurate date of birth
Use current residential address
Include daytime phone and email
2. Business Background:
Be thorough and honest about business experience
Include all relevant experience, not just current business
Explain any gaps in business experience
Document years of relevant industry experience
3. Credit History Disclosure:
Disclose all delinquencies (30 days or more late)
Explain reasons for any late payments
Include status of paid-off delinquencies
Provide dates and amounts for significant issues
4. Financial Information:
Provide accurate asset valuations (fair market value)
Include all significant liabilities
Be conservative in asset valuations
Document source of large assets
5. Signatures and Dates:
All owners (20%+) must sign
Sign in original ink (not digital)
Date must be current
Notarization not required for initial application
Common Completion Errors to Avoid
Incomplete Information: All sections must be completed
Inconsistent Data: Ensure consistency with other SBA forms
Incorrect Dates: Use accurate business start dates and experience timelines
Asset Undervaluation: Use realistic fair market values
Missing Disclosures: Disclose all required adverse information
Illegible Handwriting: Print clearly or type information
Unsigned Form: All borrowers must sign
Financial Information Requirements
Supporting Documentation
When submitting Form 1919, include:
Form 913: Personal Financial Statement (SBA equivalent of Form 1919)
Form 413: Alternative personal financial statement format
Recent Tax Returns: 2 years of individual 1040 forms with Schedules C/E
Business Tax Returns: 2 years of business returns (1120, 1120-S, or 1065)
Bank Statements: Recent business and personal statements (2-3 months)
Balance Sheet: Current business balance sheet (certified or audited)
Profit and Loss Statement: Most recent business P&L (monthly or annual)
Asset Documentation
For significant assets disclosed:
Real Estate: Appraisal, title report, or recent assessment
Vehicles: Title document or appraisal
Securities: Brokerage statements
Retirement Accounts: Account statements
Business Interests: Ownership documentation or valuation
Disclosure and Honesty Requirements
Material Information Definition
Material information includes:
Any adverse credit history
Past business failures or closures
Tax disputes or liens
Judgments or lawsuits
Delinquencies or defaults
Criminal history (certain offenses)
Related-party transactions
Consequences of Misrepresentation
Misrepresenting information on SBA Form 1919 can result in:
Loan Denial: Application immediate rejection
Loan Rescission: SBA recovery of guarantee if fraud detected
Civil Penalties: Damages for misrepresentation
Criminal Penalties: Federal fraud charges possible
Permanent SBA Ban: Exclusion from future SBA lending
Legal Action: Lender may pursue recovery of full loan
Duty of Full Disclosure
All material facts must be disclosed
Cannot omit adverse information
Must explain negative information fully
Lender has right to discover true information
Federal law requires truthful disclosure
Specific Sections: Detailed Guidance
Business Experience Section
Importance: Lenders evaluate:
Industry expertise and knowledge
Relevant management experience
Track record of success
Ability to handle business challenges
Recommendations:
Detail all relevant experience (even from previous employers)
Highlight key accomplishments and successes
Explain how experience qualifies you for this business
Include industry certifications or training
Credit History Section
Lender Evaluation:
Pattern of on-time payments
Response to financial difficulties
Total credit obligations
Credit score expectations
Disclosure Strategy:
Proactively disclose all adverse information
Explain circumstances and resolution
Provide documentation if available
Demonstrate responsibility and creditworthiness
Personal Financial Section
Key Metrics:
Net worth (assets minus liabilities)
Liquidity (cash and easily liquidated assets)
Total liabilities relative to income
Borrower's personal investment in business
SBA Focus Areas:
Minimum net worth requirements (varies by lender)
Skin in the game (owner equity investment)
Ability to support business if needed
Personal financial stability
SBA Compliance and Regulations
Form Standards
Must use current SBA Form 1919 (updated periodically)
Form number and date should be current
Supersedes prior versions of the form
Available on SBA.gov website
Processing Timeline
Form 1919 submission timeline:
Initial Submission: With complete loan application
Review Period: 1-2 weeks for initial credit analysis
Follow-up Information: May request clarifications (1 week)
Approval Decision: 2-4 weeks from complete application
SBA Review: Additional 1-2 weeks (if SBA direct approval required)
Form 919 Relationship
Form 913 and 1919: Often used together for personal financial information
Form 913 Standard: SBA Personal Financial Statement
Form 1919 Focus: Borrower background and business experience
Both may be required: Depending on lender and loan size
Common Pitfalls and Solutions
Pitfall 1: Incomplete Business Experience Information
Problem: Vague descriptions of prior business experience
Solution: Document all relevant experience with dates, titles, and accomplishments
Pitfall 2: Underreporting Assets
Problem: Conservative or inaccurate asset valuations
Solution: Use current market values and provide supporting documentation
Pitfall 3: Incomplete Liability Disclosure
Problem: Failing to list all debts and obligations
Solution: Comprehensive list of all current liabilities with creditor details
Pitfall 4: Unexplained Credit Issues
Problem: Credit problems without context or explanation
Solution: Provide detailed explanation and documentation of resolution
Pitfall 5: Inconsistency with Other Forms
Problem: Information conflicts with tax returns or other SBA forms
Solution: Ensure all SBA documents present consistent information
Frequently Asked Questions
Q: Who needs to sign Form 1919?
A: All owners with 20% or more ownership stake must complete and sign the form.
Q: Can I get a loan if I have past credit problems?
A: Yes, if you can explain the issues and demonstrate improvement. Full disclosure is key.
Q: How is credit score evaluated?
A: Most 7(a) lenders require minimum credit score of 680-700, though SBA doesn't mandate minimums.
Q: What if I'm a new business owner with no business experience?
A: Document industry experience, training, education, and mentoring relationships to support qualification.
Q: Must I be a U.S. citizen to qualify?
A: No, you can be a permanent resident alien, but must maintain legal work authorization.
Q: How do I explain a past business failure?
A: Provide full context, lessons learned, and evidence of improved practices going forward.
Q: Can I have someone else sign the form?
A: No, all borrowers must personally sign. A notarized power of attorney is required if unable to sign personally.
Q: Is Form 1919 enough or do I need other financial documents?
A: Form 1919 is the beginning. Complete documentation package is required for underwriting.
SBA 7(a) Loan Application Package
Complete Application Contents
Beyond Form 1919, a complete SBA 7(a) application includes:
SBA Form 413 or 913: Personal Financial Statement
SBA Form 1919: Borrower Information Form (this form)
Business Plan: Overview of business and use of funds
Personal Financial Statements: For all owners 20%+
Business Tax Returns: 2 years (copies)
Personal Tax Returns: 2 years (copies)
Detailed Use of Proceeds: Breakdown of loan use
Lease or Rent Documentation: Current business location
Personal Resume: For primary borrower
Business Plan/Projections: For new businesses
Resources and Support
SBA Resources
SBA.gov: Official form repository and guidance
SBA Lender Directory: Find certified 7(a) lenders
SBA One-on-One Mentoring: SCORE or SBA resources
Business.gov: General business resources
Professional Assistance
SBA-Certified Intermediaries: Provide application assistance
Business Accountants: Ensure financial accuracy
Small Business Attorneys: Advise on legal structure and compliance
SBA Lenders: Provide specific guidance on their requirements
Educational Resources
SBA Webinars: Loan program training
Business Development Courses: SBDC training centers
Women's Business Centers: Targeted assistance programs
Veterans Business Centers: Assistance for veteran owners
Key Takeaways
SBA Form 1919 is a critical component of 7(a) loan applications. Accurate, complete, and honest completion of the form is essential for:
Successful Loan Approval: Required component of complete application
Regulatory Compliance: Meets federal SBA requirements
Lender Confidence: Demonstrates transparency and honesty
Taking time to properly complete Form 1919 with accurate information and supporting documentation significantly improves the likelihood of loan approval and favorable terms for small business financing.