If you have additional individual owners of your business with less than 20% ownership, please follow the steps below to save time and avoid delays in processing your SBA 7(a) loan application.
The SBA requires 100% of business ownership to be 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 in the application is intended for the primary individual owner, which is also the primary guarantor. You can 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
Personal Details Section
Owners of your business
The screen above 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. (View example below).
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 to 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 owner (all owners of 19.9% or less of the applicant business).
1. Select the Add Owner/Guarantor button and then select Add Owner.
2. Select the dial next to Individual. The required fields for the additional individual owner will then populate.
Filling out the Individual Details Section
You have completed the required actions to add an additional individual owner to your SBA 7(a) Small Business Loan application.