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SBA STATEMENT ON REPRESENTATIVES AND FEES You are not required to use a representative to complete this business plan. If you chose to hire a representative for this purpose the following information must be provided Names of Representatives and Addresses Description of Services Hourly Rate Amount Paid Due Signature of Principal Date Signature of Representative SBA Form 1010C 12/10 Previous Edition obsolete This form was electronically produced by Elite Federal Forms Inc. TABLE OF CONTENTS...
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How to fill out sba form 1010c
How to fill out SBA form 1010c:
Start by gathering all the necessary information and documents, such as business identification details, financial statements, and personal financial information.
Carefully read the instructions provided with the form to ensure that you understand the requirements and can provide accurate information.
Begin filling out the first section of the form, which typically asks for general information about the business, including its legal structure, ownership details, and contact information.
Move on to the next section, which usually covers the business's financial information. Fill out the requested details regarding the company's revenue, expenses, assets, liabilities, and cash flow.
Continue with the following sections, which may ask for information about the business's management and staffing, marketing and sales strategies, and any licenses or permits required.
Make sure to provide all the necessary supporting documentation as instructed. This can include tax returns, bank statements, and financial statements.
Review the completed form before submitting it to ensure accuracy and completeness. Consider seeking professional assistance if needed.
Who needs SBA form 1010c:
Small business owners who are applying for an SBA loan or seeking assistance from the Small Business Administration may need to fill out form 1010c.
It is typically required for businesses applying for the SBA's 7(a) loan program, which provides financial support to small businesses.
Additionally, certain other SBA programs may also require the completion of form 1010c to assess a business's eligibility for assistance.
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People Also Ask about sba form 1010c
Does the SBA require a business plan?
For most SBA loans, you'll need to put together a business plan—one that shows how funds will be used and how the business will repay the loan over time. While this is not too different from a traditional business plan, there are some important details that you'll need to pay attention to.
Who signs SBA form 601?
This form must be executed by both the borrower and the construction contractor for any loan involving construction of more than $10,000.
What is the SBA statement of personal history?
The Small Business Administration (SBA) Statement of Personal History form, otherwise known as SBA Form 912, is used to determine a borrower's trustworthiness and evaluate whether the applicant or their business partners have any criminal history.
What are the four primary areas of assistance the SBA offers?
What we do Access to capital. SBA provides an array of financing for small businesses. Entrepreneurial development. SBA provides free counseling and low-cost training to new entrepreneurs and existing small businesses. Government contracting. Advocacy.
Can SBA help me write a business plan?
The SBA can help you write or tweak a business plan.
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Comments and Help with
What is sba form 1010c?
SBA Form 1010C is a form used by the U.S. Small Business Administration (SBA) to collect information from prospective borrowers when they apply for a loan. This form is used to determine an applicant’s eligibility for an SBA loan and helps to collect various financial and background information about the applicant and their business.
Who is required to file sba form 1010c?
Form SBA Form 1010C is required to be filed by any business that is applying for a small business loan or loan guarantee from the U.S. Small Business Administration (SBA).
What information must be reported on sba form 1010c?
SBA Form 1010C requires business owners to provide detailed information about their business, including its legal name, address, type of business, and date of formation. It also requests information about the owner(s) of the business, including their name, address, and Social Security number (or tax identification number). Additionally, the form requires information about the business’s operations, including its gross sales, income, and expenses. Finally, the form requires information about the business’s assets, including the total value of the business’s assets and liabilities.
How to fill out sba form 1010c?
To fill out SBA Form 1010C, you can follow these steps: 1. Download the form: Visit the Small Business Administration (SBA) website or search for "SBA Form 1010C" in your preferred search engine. Choose the PDF version of the form and save it to your computer. 2. Review the form: Take some time to review the entire form and understand the information required. 3. Business Information: Provide the necessary details about your business, including the legal name, trade name (if applicable), employer identification number (EIN), business address, and contact information. 4. Ownership and Management: Provide details about the ownership structure, including the names, titles, social security numbers (SSNs), and ownership percentages of all owners or partners involved in the business. Additionally, provide information about members of the management team, including their names, titles, and SSNs. 5. Business Status and Activity: Indicate if your business is classified as a franchise, start-up, or acquisition. Provide the necessary information corresponding to the selected classification. Specify the year when the business was established or acquired, and describe your primary line of business. 6. Business Certifications: If your business qualifies for any relevant certifications, such as minority-owned, women-owned, or veteran-owned, indicate them in this section. Provide supporting documentation if required. 7. Business Financial Information: Provide the requested financial information in this section, including the most recent fiscal year's revenues, cost of goods sold (if applicable), gross profit, net profit/loss, and total assets. 8. Business Operations: Answer the questions related to the physical location, lease agreements, business insurance, and any licenses or permits required to operate your business. 9. Loan Information: Indicate if you are applying for a specific SBA loan program by checking the appropriate box in this section. Provide details about the loan request, including the desired loan amount, purpose of the loan, target industry, and proposed collateral (if applicable). 10. Other Business Information: Provide additional information as requested, such as if your business exports products, whether you are affiliated with any other businesses, or if you have ever defaulted on any federal obligations. 11. Signature: Ensure that you have reviewed the completed form for accuracy, then sign and date it. 12. Submission: Review the instructions on the form to determine where and how to submit it. It may be submitted electronically through the SBA's online portal or in-person at an SBA office. Remember, it's always a good idea to consult with a qualified professional or the SBA directly if you have any specific questions or need assistance while completing this form.
What is the purpose of sba form 1010c?
SBA Form 1010C, also known as the Business Financial Statement, is a document used by the U.S. Small Business Administration (SBA) to assess the financial position of a small business. The purpose of this form is to collect detailed financial information about the business, including its assets, liabilities, income, and expenses. SBA lenders often require small business owners to complete Form 1010C when applying for SBA loans or other financial assistance. By analyzing the financial statement provided by the business, the lender can evaluate the company's creditworthiness and assess its ability to repay the loan. This form helps the SBA determine whether the business has a strong financial foundation, as well as its capacity to generate sufficient cash flow to meet loan obligations.
What is the penalty for the late filing of sba form 1010c?
The Small Business Administration (SBA) does not explicitly state the penalty for late filing of Form 1010C on their website. However, it is important to note that timely and accurate filing of necessary forms is crucial for compliance with SBA requirements. If you fail to file the Form 1010C by the required deadline, it may lead to delays in loan processing, potential denials, or other negative consequences. Additionally, the SBA may require additional documentation or information to be submitted, which may further prolong the loan process. It is recommended to contact the SBA directly, consult with a professional advisor, or refer to the specific SBA guidelines and loan agreement to determine the potential penalties for late filing of Form 1010C in your particular situation.
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