Documents required for an SBA loan, including the forms and business plan

Published October 25, 2026 · Rules checked against SBA and IRS sources as of October 2026

Short answer

For an SBA acquisition loan you'll need three sets of documents: yours (SBA Form 1919, a personal financial statement dated within 90 days of approval, personal tax returns, résumé, plan), the seller's (three years of financial statements and tax returns, interims no older than 120 days, debt schedule, lease), and the deal's (purchase agreement, the lender-ordered valuation, a QoE at $3 million and up, a pro forma balance sheet, standby agreements and IRS transcripts).

Print this, split it with the seller and your attorney, and tick things off. It's based on SBA's own lists in Appendix 20 (what goes in every application) and Appendix 15 (what a change of ownership adds). Your lender may ask for more.

From you (and every 20%+ owner or guarantor)

SBA Form 1919, Borrower Information Form (one per co-borrower), or the lender's equivalent data.
Personal financial statement (SBA Form 413 or lender's form), signed and dated within 90 days of approval, including spouse's and minor children's assets.
Personal federal tax returns (lenders typically ask for three years).
Résumé showing management and industry experience.
Business plan and projections, including how you'll manage day to day.
Proof of equity: bank statements, gift letters, standby note draft, investor terms.
Entity documents for the buying company, and an ownership table covering 100% of direct and indirect owners.
Citizenship confirmation (and documentation for any U.S. nationals).
If you already own a business: its financials and returns, for affiliate and global cash flow analysis.

From the seller

Financial statements for the last three complete fiscal years, dated and signed or certified by the seller within 120 days of submission.
Interim financial statements no older than 120 days at submission, signed or certified.
Business tax returns for the same years, and signed IRS transcript authorization through the lender.
Year-end balance sheets with a detailed debt schedule.
Lease and landlord contact, and any franchise agreement.
List of equipment and other assets being sold.
Bank statements, payroll reports and sales tax filings if the lender or QoE provider asks (they usually will on $3M+ deals).
Licenses and permits that will transfer.

The deal itself

Signed LOI, then the purchase agreement with all schedules and amendments.
Business valuation meeting Appendix 15 (ordered by the lender).
Quality of Earnings report, if the Business Purchase Price is $3 million or more on an Initial Acquisition or Expansion.
Pro forma balance sheet for the business as of the transfer date.
Sources and uses of funds.
Seller note(s) and SBA Form 155 standby agreement, if applicable.
Terms of any other debt or equity investments.
Seller consulting agreement (24 months maximum).
If real estate: appraisal, purchase agreement, environmental questionnaire.
Management agreement, if one exists and isn't part of a Franchise Directory brand's disclosure documents.

Keep a shared data room with these three folders; it saves the lender and the report providers days of chasing.

Tips that save time

Make sure the seller's financial statements tie to the tax returns before you send them. Differences get questions.
Get the seller to sign the transcript authorization the day the lender asks.
Date your personal financial statement close to submission; it must be within 90 days of approval.
Label files clearly by year and type.

For the forms themselves, see SBA 7(a) forms. For what a QoE provider will ask for, see the QoE checklist.

The SBA forms

The main forms on an SBA acquisition loan are SBA Form 1919 (borrower information, one per co-borrower), SBA Form 413 or the lender's equivalent (personal financial statement for 20%+ owners and guarantors), SBA Form 155 (standby agreement for a seller note counted as equity), SBA Form 159 (fee disclosure when an agent is paid), SBA Forms 148 and 148L (guarantees), and IRS Form 8821 or IVES for tax transcripts. SBA says application forms are being updated for SOP 50 10 8.1.

Form	What it is	Who completes or signs	When it's needed
SBA Form 1919	Borrower information	Each borrower and co-borrower	Every 7(a) loan
SBA Form 413 (or lender's)	Personal financial statement	20%+ owners (with spouse and minor children's assets) and guarantors	Dated within 90 days of approval
SBA Form 155 (or lender's)	Standby creditor's agreement	Seller or other standby lender, borrower, lender	When a note is on full standby to count as equity
SBA Form 159	Fee disclosure and compensation agreement	Applicant, agent and lender	When a broker, packager or other agent is paid
SBA Form 148	Unconditional guarantee	Each 20%+ owner and others required	At closing
SBA Form 148L	Unconditional limited guarantee	Limited guarantors, e.g. a selling owner keeping under 20%	At closing, if used
IRS Form 8821 (or IVES)	Authorizes the lender to get tax transcripts	Borrower and seller, with lender as designee	Before disbursement

Lenders may use their own equivalents for 413, 148, 148L and 155.

Notes that save trouble

Neither you nor your own tax preparer can file the Form 8821 for the SBA loan; the lender (and any LSP) must be the designee.
Form 159 applies to agents other than an LSP working under its SBA-reviewed agreement; fees over $2,500 from one agent need itemization.
Attach the actual seller note to the standby agreement.
SBA's notice issuing SOP 50 10 8.1 says forms are being updated; until then lenders collect required information under existing forms.

Full document list: documents required for an SBA loan.

Business plan requirements

SBA doesn't prescribe a business plan format for acquisitions, but lenders expect one, and SOP 50 10 8.1 requires the lender to evaluate your post-closing projections. They can't rely on those projections to meet the DSC requirement; historical earnings carry that test. So the plan's job is to show you can run the business and keep the historical cash flow intact, not to justify the price with growth.

Startup plans sell a vision. Acquisition plans reassure: the business works today, and you won't break it.

A one-page outline

Template

1. The business

What it does, customers, locations, staff, how long it's operated, why the seller is selling.

2. Why you

Your management and industry experience; who stays (key employees); the seller's consulting role and length (24 months maximum).

3. First 100 days

Customer and supplier introductions, systems, any changes to staffing or pricing, and what you won't change.

4. Numbers

Historical revenue and EBITDA for three years; your adjustments with evidence; base-case projection for two or three years; debt service and coverage.

5. Risks

Customer concentration, key-person dependence, lease, competition, and how you'll manage each.

6. Sources and uses

Price, working capital, costs; SBA loan, seller notes, your equity.

Lenders must evaluate projections but size the loan on history.

What makes lenders nervous

Projections that need big growth for the debt to work.
Owner salary set unrealistically low to boost coverage (global cash flow will catch it).
No plan for losing the seller's relationships.
Vague answers on who runs the business day to day.

See management experience and DSCR requirements.

For lenders, the most common delay is the seller side of the list. Ask for the seller's documents, including IRS Form 4506-C for transcripts, at the same time as the buyer's, not after credit review starts.

A shared checklist with owners and due dates, sent to buyer, seller and broker at the LOI stage, does more to shorten an SBA acquisition timeline than any other single step, because most of the waiting in these deals is waiting for paper.

Keep every version the lender relies on in one dated folder; it makes the closing review and any later SBA review far easier.

Common questions

How many years of tax returns do I need?

Lenders typically ask for three years of personal returns from guarantors, and SBA requires three years of the seller's financial statements or returns for the business being acquired, verified against IRS transcripts.

What if the seller's financial statements aren't available?

SBA requires an explanation of why, and how the lender verified the business's revenue. Expect a harder underwriting process and more reliance on tax transcripts and bank statements.

Do I need a business plan?

Lenders generally want one with projections. Under SOP 50 10 8.1 the lender must evaluate projections but can't rely on them to meet the DSC requirement for an acquisition.

Where do I get the forms?

From your lender, or SBA's document library at sba.gov/document. Lenders may use their own equivalents for several forms.

Do I submit forms to SBA myself?

No. You give them to the lender, which submits through SBA's loan system or keeps them in its file under delegated authority.

Related guides

Sources

This guide explains rules and practice in plain English. It isn't legal, tax or credit advice, and SBA and IRS rules change. Check the current SOP, regulations and your lender's requirements before you rely on anything here. Examples with made-up businesses are illustrations, not real deals.