If your business is owned by another business, follow the steps below to save time and avoid delays in processing your SBA 7(a) 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 the 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.
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 a business as an additional owner of the applicant entity in a guarantor capacity, follow the steps below:
Business Details Section
Individual Details Section
You have completed the required actions to add a Business Ownership Guarantor as an additional owner of the applicant entity in a guarantor capacity to your SBA 7(a) Small Business Loan Application.