SBA Form 770: What You Need to Know
SBA form 770 is a Financial Statement of Debtor. It can be downloaded from the SBA here. You will need to download and complete this form when applying for a 504 loan, as well as for other SBA loans, such as the 7(a) loan. According to the SBA, “The primary purpose of collecting this information is to evaluate the debtor’s financial capacity to repay the debt owed to the Agency and determine to what extent the Agency may compromise the debt, maximize recovery, and protect the interests of the Agency.”
Think of it as a financial statement in which you list out your financial situation, financial assets that might be used as collateral for the loan, and other pertinent information. SBA form 770 helps SBA loan officers determine if you are a good fit for the loan, if you will be able to repay the loan, and what recourse they might have should you default on the loan.
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