Insight Into the SBA 912 Form

SBA 912 Form – Here is another form that you will see when applying for an SBA loan. This is the Statement of Personal History and above all, the SBA wants to find out if you or How To Earn Money Online With Google any of the business directors have a current or past history of criminal offenses. They also want to ensure that you are a U.S. citizen or a lawful permanent resident alien.
SBA loans are government subsidized loans created to help small business owners obtain financing that they would not be able to find elsewhere. What Factors Determine Interest Rate? Because the government subsidizes these loans, they want to make sure that people of good character who obey the law are rewarded.
If a potential borrower answers “positive” or “yes” to the three main questions, then a very detailed explanation needs to be attached. The bank or lender will then need to send the borrower fingerprint cards and have the borrower take them to their nearest municipal authority and have them take the fingerprints to ensure they are done correctly and can be used. There is nothing that prohibits the borrower from taking their own fingerprints, but if they are not usable, the submission will be denied and they will make the borrower submit new fingerprint cards. Once the lender received these cards, they will submit them to the their local SBA office. The local SBA office will either approve them and forward on to Washington D.C. or deny the credit request. If the fingerprints move on to Washington D.C. a thorough background investigation will take place which can take up to 6 – 10 weeks. Because this is such a long process, it is wise to get these submitted extremely early in the loan process so that this can be happening simultaneously with the rest of the underwriting process.

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