SBA 7(a) Paperwork Explained: SBA Form 912
When you're applying for an SBA 7(a) loan, one of the forms you'll have to fill out is the SBA Form 912. The SBA uses Form 912 as a statement of personal history to help determine the your eligibility for a loan. This form applies no matter what type of SBA loan you’re getting. Some lenders require applicants to fill out this form regardless of criminal history, while others only require it if you indicated that you have a criminal record in one of the other forms in your loan application paperwork.
Here's the official form from the SBA:
Who should fill out the form?
As with most of the SBA loan paperwork, the business owner and his or her partners should complete the form. For Form 912, these owners and partners could include:
Business owners – defined as anyone with at least 20% equity in the company
Officers and directors – including any person hired to manage day-to-day operations
Loan guarantors (co-signers)
All applicants will need to provide personal information including name and address, citizenship status, and the percentage of the business they own.
What if I have a criminal record?
You may still be eligible for the loan, but you’ll need to provide details about your criminal history. If you fail to provide full and adequate details, the SBA will deny your application. Form 912 will ask if:
You are currently subject to any criminal charges (this will disqualify you from an SBA loan at this time)
You have been arrested in the past six months for any criminal offense
If you’ve ever been convicted of a criminal offense (other than a minor vehicle violation)
If any of these apply to you, you’ll need to provide details on a separate sheet. Include dates of incidents, locations, fines, sentences, whether the incidents were misdemeanors or felonies, which name you were charged under, parole or probation information, and anything else pertinent to the incident. This statement should be signed and dated. Include any official court documents that support your statement.
You should provide these details even if your record was expunged or is otherwise unavailable. This will help you build a case for your trustworthiness, and help your application avoid unnecessary delays.
When are fingerprints required?
If you have any misdemeanors or felonies against you that have been prosecuted, you will be required to consent to a background check, including fingerprinting. The fingerprinting will be done at your local SBA office. Applications that require fingerprints take longer to process.