Yes. The SBA must review your financial statement and one for each partner, officer, director and stockholder with 20 percent or more ownership. The SBA requires the principals of the business to personally guarantee repayment of the loan and, in some instances, to secure the loan by pledging additional collateral.
Must I submit a personal financial statement with my loan application?
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Jose and Lynne Pereira established Pereira Plumbing in 1990 but have actually been in business since the late-1970s. They started out in the pool...
2011 Rhode Island and New England Veteran Small Business
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In 1995, Frank Tucker realized his lifelong dream to become an entrepreneur. Today, Tucker Technology, Inc. is a full service...