The following is a detailed list of items needed to complete the Personal Financial Statement section of your 8(a) or EDWOSB Application.
Please note, this list may or may not cover every personal asset or liability you may have and should serve as only a general list.
All amounts reported to the SBA must be no older than 30 days old when submitted to the SBA.
Please note. We have a Personal Financial Statement Worksheet for purchase that will help you collect, track and ensure that your Adjusted Net Worth is less than the SBAs regulatory limit.
The SBA may not request all of these items within your 8(a) certify.sba.gov application or EDWOSB beta.certify.sba.gov however if the SBA analyst comes back and requests verification of all assets and liabilities you will need to provide the following.
Assets:
- Cash in Hand – Amount of any cash you may have on hand.
- Checking account statement(s).
- Savings account statement(s).
- Equity in the applicant business and any other business owned (current balance sheet and income statements).
- IRA and any other retirement account statements along with a complete copy of the written terms and conditions for each retirement account held and a written certification that your retirement accounts are legitimate.
- Copies of any shareholder/member promissory notes or personal loans owed to you.
- Life insurance statement for any life insurance account that has a cash surrender value only, showing the cash surrender value, the face amount of the policy, name of insurance company and any beneficiaries.
- Stocks, mutual funds and bond statements. You will need to identify the number of shares owned, name of security, cost, market value quotation/exchange and date of statement.
- Type of real estate/property owned (e.g., primary residence, investment, vacation property, land, etc.).
- County recorded Deed for each property owned.
- Fair market valuation for each property owned.
- Kelly Blue Book value for each automobile owned.
- Title or registration for each automobile owned.
- A estimate of the value of your “Other Personal Property” along with a detailed listings of the contents.
- Other Assets (Examples below):
- Boats (NADA value).
- Motorcycles (NADA value)
Liabilities:
- Notes payable to banks such as a HELOC, 2nd mortgage, Student loans, personal loans, shareholder/member loans, etc. (full copy of original loan agreement along with a current statement). Additionally, you will need to identify the original balance for each note, the current balance, payment amount, frequency, how secured and whom the note is with.
- Automobile loan statement(s).
- Credit card statement(s).
- Statement of loan balance for any loan taken on life insurance.
- Mortgage statement for each property owned.
- If past taxes are owed, a current statement showing balance owed along with the re-payment arrangement agreement. Additionally, you will need to identify the type of taxes owed, to whom payable, when due and amount.
- Any other liabilities such as boat, motorcycle, loan statement(s), etc.
Source of Income:
- An amount for your current annual salary.
- An amount for any net Investment income you may earn in the current year.
- An amount for any real estate income you may earn on properties you own.
- An amount for any any other income such as VA disability income, distributions, dividends or bonuses, etc.
- An amount for any other income, not described above.
