Fill out Form SBA 1919, SBA 7(a) Borrower Info with Instafill.ai
Form SBA Form 1919, the SBA 7(a) Borrower Information Form, is used to gather information about small business applicants and their owners. This information is vital for the SBA and lenders to assess eligibility for financial assistance under the 7(a) loan program.
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Follow these steps to fill out your 1919 form online using Instafill.ai:
- 1 Visit instafill.ai site and select SBA Form 1919.
- 2 Enter applicant business and owner information.
- 3 Complete all required sections accurately.
- 4 Sign and date the form electronically.
- 5 Check for accuracy and submit the form.
Our AI-powered system ensures each field is filled out correctly, reducing errors and saving you time.
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Frequently Asked Questions About Form SBA Form 1919
The SBA 7(a) Borrower Information Form is used to collect information about the Small Business Applicant and its owners, the loan request, existing indebtedness, information about current or previous government financing, and certain other topics. This information is required for SBA or the Lender to determine eligibility for financial assistance.
The Small Business Applicant and each co-applicant (if any) are required to complete and sign Section I of the form.
Section II requests information about each of the Applicant's owners - individuals, and Section III requests information about each entity owning an equity interest in the Applicant.
Affiliation concerns and entities that have control or the power to control each other, or a third party that controls or has power to control both. This may include ownership, common management, or an identity of interest between close relatives with identical or substantially identical business interests.
An Operating Company is an eligible small business actively involved in conducting business operations, while an Eligible Passive Company is a small entity or trust which does not engage in regular and continuous business activity and complies with certain conditions set forth in 13 CFR § 120.111.
Failure to submit the requested information on the SBA 7(a) Borrower Information Form may negatively impact the determination of eligibility for financial assistance. It is essential to provide accurate and complete information to ensure a smooth application process.
According to the SBA 7(a) Borrower Information Form, a household member includes a spouse, minor children, and blood relatives of the employee and their spouse who reside in the same place of abode as the employee.
On the SBA 7(a) Borrower Information Form, a sole proprietorship is defined as a business owned and operated by one individual, while a partnership consists of two or more individuals. A corporation is a separate legal entity from its owners, and a limited liability company (LLC) is a hybrid business structure that provides personal liability protection for its owners. Each business structure has its advantages and disadvantages, and it is essential to understand the differences before choosing one.
The SBA 7(a) Borrower Information Form asks about various types of business structures and plans. An Employee Stock Ownership Plan (ESOP) is a qualified defined contribution plan with employee stock ownership as its primary benefit. A 401(k) plan is a qualified defined contribution plan that allows employees to electively defer compensation. A cooperative is an autonomous association of persons who voluntarily join together to achieve a common economic goal. Each plan or structure has unique features and benefits, and it is essential to understand the differences before making a decision.
The SBA 7(a) Borrower Information Form asks about various types of business agreements. A franchise agreement grants the franchisee the right to operate a business using the franchisor's trademark, system, and support. A license agreement allows the licensee to use intellectual property. A distributor agreement allows one party to sell products of another party. A membership agreement grants membership in an organization. A dealer agreement allows one party to sell products as an authorized representative of another party. A jobber agreement allows one party to sell products to another party for resale. Each agreement has its unique terms and conditions, and it is essential to understand the differences before entering into any agreement.
A delinquent loan is a loan that is past due. This means that the borrower has failed to make a required payment on time. A defaulted loan, on the other hand, is a loan that has caused a loss to the Federal Government. This can include a compromise, resolution, or settlement of a loan's principal balance for less than the full amount due. In other words, a defaulted loan is a more serious situation than a delinquent loan, as it indicates that the borrower has failed to repay the loan in full and has caused financial harm to the lender.
Suspension, debarment, proposed for debarment, and voluntary exclusion are all administrative actions related to a party's ability to participate in federal programs or receive federal contracts. Here's how they differ:
* Suspension: This is an administrative action that restricts a party from participating in federal programs or receiving federal contracts. A suspension is typically imposed when there is a finding of misconduct or noncompliance with federal regulations.
* Debarment: This is a legal action that bars a party from participating in federal programs or receiving federal contracts. Debarment is typically imposed when there is a finding of serious or repeated misconduct or noncompliance with federal regulations.
* Proposed for debarment: This is the process of determining whether a party should be debarred. When a party is proposed for debarment, it means that the government is considering whether to impose a debarment.
* Voluntary exclusion: This is a party's decision to exclude itself from participating in federal programs or receiving federal contracts. A party may choose to voluntarily exclude itself for a variety of reasons, such as to resolve allegations of misconduct or to avoid the costs and distractions of a debarment proceeding.
Compliance SBA Form 1919
Validation Checks by Instafill.ai
1
Ensures that all fields in Section I for the Small Business Applicant are accurately completed
The AI ensures that Section I of the SBA 7(a) Borrower Information Form is meticulously reviewed for accuracy. It checks for the correct input of the legal names, doing business as (DBA) names, type of business, primary contact information, loan request details, number of employees, and the specific purpose of the loan. The AI cross-references this information with official documents to confirm its validity and completeness. Any discrepancies or omissions are flagged for correction to ensure compliance with SBA requirements.
2
Confirms that ownership information in Section I is fully disclosed
The AI confirms that the ownership information provided in Section I of the form is comprehensive and accounts for 100% of the business's ownership. It checks that each owner's details are listed and that the combined ownership percentages equal 100%. The AI is programmed to detect any missing information or mathematical inconsistencies in the ownership distribution and prompts for necessary adjustments to meet the full disclosure requirement.
3
Verifies that all questions (1-16) in Section I are answered
The AI verifies that all questions numbered 1 through 16 in Section I, which pertain to previous government financing, legal actions, affiliations, and potential conflicts of interest, are fully answered. For any 'Yes' responses, the AI ensures that additional details are provided on a separate attachment as required. It is designed to recognize incomplete responses and prompts the user to provide the necessary information, ensuring that all regulatory and due diligence aspects are addressed.
4
Checks that Section II is filled out with the full legal name and other personal details for each individual owner
The AI checks that Section II of the form is properly filled out with the full legal name, Social Security/Tax ID No., date and place of birth, home address, and contact information for each individual owner. It validates the accuracy of this personal information against reliable databases and ensures that it matches the details provided in other sections of the form. The AI is capable of detecting missing or inconsistent data and will request clarification or additional documentation as needed.
5
Validates that the percentage of ownership and demographic information is provided for each individual owner in Section II
The AI validates that for each individual owner listed in Section II, the percentage of ownership is clearly stated, and the demographic information, including Veteran status, Gender, Race, and Ethnicity, is provided. It ensures that these fields are not left blank and that the data entered is consistent with the legal documentation provided. The AI is equipped to identify any missing percentages or demographic details and will prompt for the complete information to ensure full compliance with SBA reporting standards.
6
Ensures that all questions (17-26) in Section II regarding criminal history, citizenship status, delinquency on child support, and other affiliations are answered
The AI ensures that questions 17 through 26 in Section II of the SBA 7(a) Borrower Information Form are fully answered. These questions pertain to the applicant's criminal history, citizenship status, child support delinquency, and other affiliations that could impact their eligibility. The AI verifies that no question is left unanswered and prompts for additional details on a separate sheet if any response is 'Yes'. This ensures compliance with the form's requirements and aids in the accurate assessment of the applicant's background.
7
Confirms that Section III contains the legal name, Tax ID, contact information, and address of the Entity Owner
The AI confirms that Section III of the form is completed with the Entity Owner's legal name, Tax Identification Number (TIN), contact information, and physical address. It checks for the accuracy and completeness of this information, ensuring that it matches official records and is formatted correctly. This validation is crucial for the identification of the entity and for any future correspondence or legal implications.
8
Verifies that the capacity in which the person is completing Section III is indicated
The AI verifies that the individual completing Section III of the SBA 7(a) Borrower Information Form has indicated their capacity within the entity, such as proprietor, partner, officer, director, member, Trustee, or stockholder. It ensures that all relevant individuals associated with the entity are listed, providing a clear picture of the entity's management and ownership structure. This step is essential for establishing the authority of the person completing the form and for identifying all parties with significant control over the entity.
9
Checks that all questions (27-31) in Section III regarding suspension, debarment, legal actions, and previous government financing are answered
The AI checks that questions 27 to 31 in Section III, which inquire about suspension, debarment, legal actions, and previous government financing, are fully answered. It ensures that if any of the responses are 'Yes', the required details are provided on a separate sheet. This thorough review is vital for assessing any potential risks or legal issues that could affect the entity's eligibility for the SBA 7(a) loan program.
10
Ensures that the Statements Required by Law and Executive Order are read, understood, and the certification is signed and dated
The AI ensures that the applicant has read and understood the Statements Required by Law and Executive Order, which are part of the SBA 7(a) Borrower Information Form. It verifies that the certification section is signed and dated, confirming the applicant's acknowledgment and agreement to the statements. This validation is critical for legal compliance and serves as an attestation to the truthfulness and accuracy of the information provided in the form.
11
Signature and Date Verification
Ensures that all sections of the SBA 7(a) Borrower Information Form are duly signed and dated by the authorized representative or the individual providing the information. It checks for the presence of original or acceptable electronic signatures to validate the authenticity of the form. The validation process includes confirming that the date of signing is current and relevant to the application period. This step is crucial to establish the form's legitimacy and the signatory's acknowledgment of the provided information.
12
Attachment Formatting and Referencing
Verifies that any additional sheets attached to the SBA 7(a) Borrower Information Form for providing complete responses or required details are properly formatted and referenced in the main form. The validation ensures that attachments are clearly labeled, organized, and cross-referenced, allowing for easy navigation and review. This check is important to maintain the integrity of the information and to ensure that all necessary details are included and accessible.
13
Documentation Completeness and Accuracy
Checks for the completeness and accuracy of all attached documentation required by the SBA Participating Lender. This validation step involves reviewing the relevance and correctness of the information provided in support of the loan application. It ensures that all necessary documents are present and that they align with the information stated in the form. This is a critical step to prevent any delays or issues in the loan application process due to incomplete or inaccurate documentation.
14
Applicant's Records Copy
Ensures that a copy of the SBA 7(a) Borrower Information Form and all attachments are kept for the applicant's records. This validation confirms that the applicant maintains a record of the submitted information, which is essential for future reference or in case of any discrepancies. It also serves as a proof of submission and can be used to verify the information provided to the SBA Participating Lender.
15
Submission to SBA Participating Lender
Validates that the SBA 7(a) Borrower Information Form and any additional required documentation are submitted to the SBA Participating Lender processing the loan application. This check ensures that the application is directed to the correct lender and that all necessary components of the application are included. It is a vital step to confirm that the application process can proceed without any missing information or documentation.
Common Mistakes in Completing SBA Form 1919
The SBA 7(a) Borrower Information Form requires the applicant to provide the legal name of their business. Incomplete or inaccurate business names can lead to processing delays or even rejection of the application. To avoid this mistake, ensure that the business name is fully spelled out and matches the name registered with the Secretary of State or similar agency. It is also important to include any necessary suffixes, such as Inc., LLC, or Corp., to accurately reflect the business structure.
The SBA 7(a) Borrower Information Form requires the applicant to list all individuals, corporations, or other entities that own 20% or more of the business. Failure to disclose all ownership information can result in application denial or even fraud charges. To avoid this mistake, carefully review the instructions and ensure that all required ownership information is provided, including the percentage of ownership for each individual or entity.
Providing incorrect Social Security or Tax ID numbers for individual owners can cause processing delays or even application rejection. It is important to double-check all numbers provided and ensure that they match the official documentation. If there are any errors, they should be corrected as soon as possible to avoid delays in the application process. To avoid this mistake, gather all necessary documentation before filling out the form and double-check all numbers for accuracy.
The SBA 7(a) Borrower Information Form requires the applicant to list the percentage of ownership for each individual or entity that owns 20% or more of the business. Failure to provide this information can result in application denial or processing delays. To avoid this mistake, carefully review the instructions and ensure that the percentage of ownership is provided for each individual or entity listed on the form.
The SBA 7(a) Borrower Information Form contains several sections that require answers to various questions. Failure to answer all questions in any section can result in application denial or processing delays. To avoid this mistake, carefully review the instructions and ensure that all questions are answered completely and accurately. If there are any questions that require additional documentation, gather and provide that documentation as soon as possible to avoid delays in the application process.
When responding with 'Yes' to certain questions on the SBA 7(a) Borrower Information Form, it is essential to provide the necessary details. Failing to do so can lead to processing delays or even rejection of the application. For instance, if a borrower indicates that they have a prior bankruptcy filing, they must provide the bankruptcy case number, filing date, and discharge date. To avoid this mistake, carefully read each question and ensure that all required information is provided in full.
Another common mistake is providing incorrect loan request details. This can include incorrect loan amount, loan purpose, or collateral description. Inaccurate information can lead to processing delays or even denial of the loan application. To avoid this mistake, double-check all loan request details before submitting the form. It is also recommended to consult with a loan officer or financial advisor to ensure that all information is accurate and complete.
The SBA 7(a) Borrower Information Form must be signed and dated by an authorized representative or the individual providing the information. Failure to do so can result in processing delays or even rejection of the application. To avoid this mistake, ensure that all signatures and dates are provided in the appropriate places on the form before submitting it. It is also recommended to keep a copy of the signed and dated form for your records.
Some sections of the SBA 7(a) Borrower Information Form may require additional sheets to be attached. Failing to do so can result in processing delays or even rejection of the application. To avoid this mistake, carefully read each question and follow the instructions regarding additional sheets. If additional sheets are required, make sure they are completed and attached to the form before submitting it.
The SBA 7(a) Borrower Information Form requires original signatures or acceptable electronic signatures. Using typed signatures instead can result in processing delays or even rejection of the application. To avoid this mistake, ensure that all signatures are provided in the appropriate places on the form using an original pen signature or an acceptable electronic signature. If you are unsure about what constitutes an acceptable electronic signature, consult with a loan officer or financial advisor.
The SBA 7(a) Borrower Information Form contains important notices regarding the use of federal financial assistance programs. Failure to read and understand these notices can lead to inadvertent non-compliance with applicable laws, regulations, and Executive Orders. To avoid this mistake, carefully review all notices and instructions before filling out the form. If you have any questions or need clarification, consult with a legal or financial professional.
The SBA 7(a) Borrower Information Form requires the borrower to sign and date a certification acknowledging compliance with applicable laws, regulations, and Executive Orders. Failure to sign and date this certification can result in the application being denied or delayed. To prevent this mistake, ensure that all required signatures and dates are obtained and documented on the form before submitting it.
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