The SBA Form 912 is a document used by the Small Business Administration to evaluate the character and credit eligibility who are applying for an SBA loan. The SBA wants to lend money to individuals who are of good moral standing that they can trust.
It is crucial that you familiarize yourself with this type of SBA loan since it is an assessment of your eligibility. If you are in the process of applying for an SBA loan, this article will help you learn more about SBA Form 912 so that you can determine what is needed to complete it.
Any small business owner that is applying for an SBA loan could be required to fill out this form. You might not be asked to complete it if you do not have a criminal record or criminal history.
Different lenders have their own procedures, so while one lender might require you to complete SBA Form 912, another one might not. If you are seeking the SBA’s most popular loan, which is the 7a and 504 loan, you will definitely have to fill it out.
If you are not sure if you have to fill it out to submit form 912, you should ask your lender if they require the form so that you will be prepared.
Depending on the structure of your business, the SBA says the following need to fill out the form:
You can find the form on the SBA website before you submit it if you want to review it. The form is important for assessing your program eligibility, it is relatively short. Some details you will need to provide include your ownership percentage, social security number, and your lender’s information. You will also be asked to include the loan amount that you applied for.
Your criminal history details will also need to be provided which include the following:
You should answer questions regarding your criminal history truthfully, even if you don not think it is important as your role as a business owner. If you are being dishonest in your application, it can result in being denied. You might also face criminal charges for lying on the application.
You will be asked to provide supporting documentation if you said yes to any of the questions asked. Also, depending on your answers, you might need to submit a background check.
Do not let the Form 912 prevent you from applying for a loan if you have criminal history. it will not disqualify you for an SBA loan unless you are on probation or parole. Answering yes to any questions on Form 912 reduces your chances of qualifying, but your application won’t be automatically denied.