If you have additional individual owners of your business with 20% or more ownership, please follow the steps below to save time and avoid delays in processing your SBA 7(a) Small Business Loan application.
The SBA requires 100% of the business’ ownership is reflected on the application. All owners of 20% or more of the business are required to be personal guarantors for an SBA 7(a) loan.
The Owner Details screen inside the application is intended for the primary individual owner which is also the primary guarantor only. You will be able to include additional owners of the business in an individual, guarantor, or business capacity on the next screen.
Pro Tip: If you have business specific questions about the 7(a) application, our loan specialists are your best resource to handle these inquiries. We encourage you to reach out to your assigned Relationship Manager via the Connect to Relationship Manager feature on your 7(a) Portal Dashboard.
Relationship to the Business Section
Pro Tips: Please note that if the primary owner of the applicant business is another business, please enter the primary individual owner with the highest current ownership, and if the primary owner of the applicant business is another business and their ownership percentage is 20% or greater, they will be considered a guarantor.
This screen is the summary of ownership of your business that has been provided. Select the Chart icon to the right of the Add Owner/Guarantor button to see a visual summary of the entity and owner information.
If anything is incorrect, simply use the Previous button in the lower left corner of the screen to navigate backward and make edits to this section. Additionally, if an edit is needed for the primary owner or any additional owner, you may also select the Pencil icon to edit their personal details.
If you attempt to move forward with the application without disclosing 100% of the ownership of the business, you will receive the error message below:
To add an additional individual guarantor (all owners of 20% or more of the applicant business), follow the steps below:
Individual Details Section
You have completed the required actions to add an individual guarantor to your SBA 7(a) Small Business Loan application.