Google Translate

Original text

Google Translate

If you’re trying to get a business loan from a bank or financing from an investor, they may ask you for a personal financial statement.

A personal financial statement is a snapshot of your personal financial position at a specific point in time.

It lists your assets (what you own), your liabilities (what you owe), and your net worth.

To get your net worth, subtract liabilities from assets. Your net worth can be either positive (if you have more assets than liabilities) or negative (if you have more liabilities than assets).

Examples of personal assets include:

  • Stocks and bonds
  • Real estate
  • Retirement accounts
  • Personal property such as jewelry or cars

Examples of personal liabilities include:

  • Outstanding loans
  • Credit card debt

Don’t include business assets or liabilities in your personal financial statement.

When Do You Need a Personal Financial Statement?

When you’re seeking a business loan or other outside financing, you may need to share information about your personal financial data with the financing source. If you’re pledging any of your personal assets as collateral for a loan, lenders want to see details about those assets.

Financing sources may also want to assess your personal financial situation to see how well you manage your finances. For instance, if you have few assets and a lot of outstanding debt, it can indicate you might have trouble repaying a loan.

You might also need a personal financial statement if you’re buying an existing business. The business broker and the business owner will want to see evidence that you’re financially able to purchase the business.

If you’re planning to lease commercial office, retail, or other types of business space, the landlord may request a personal financial statement before they approve your tenancy.

Do you need help preparing your personal financial statement? Talk to a SCORE mentor online or in person to get free assistance and advice.

Business Planning & Financial Statements Template Gallery Download SCORE’s templates to help you plan for a new business startup or grow your existing business.

Small Business Loan Applications- Why Are They Asking Me That? This presentation will talk about a dozen or so questions you need the answers to, before you start looking for a small business loan.

Copyright © 2023 SCORE Association,

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.


  • Search Search Please fill out this field.

Personal Finance

Personal finance encompasses the whole universe of managing individual and family finances, taking responsibility for your current and future financial situation, and setting financial goals. It also includes handling individual financial tasks and saving for emergencies.

Personal finance is about meeting your financial goals and understanding all the routes to do this, from saving and investing, and keeping debt under control, to buying a home to planning for retirement —and  coming up with a plan to accomplish these goals.It’s also the name of the industry that provides financial products to meet these goals.

Not getting control of your personal finances can leave you unprotected when a crisis comes along–whether it’s an illness, an unexpected job loss , or the death of the family breadwinner. The pandemic that began in March 2020 showed all of these issues in sharp relief and showed the importance of planning for emergencies .

What the pandemic showed is that people are a lot more secure if they have an emergency fund , have l earned to budget and have created a financial plan–one with a Plan B and Plan C. Those who haven’t done these things, should get busy doing them. It–and the war in Ukraine–are both wake-up calls that stock market crashes can happen abruptly in a crisis and that everyone needs a crisis investment plan .

For starters, you need to buy at least the minimum amount for your state. The two types of liability coverage for an auto accident are bodily injury liability (for injury to other people) and property damage liability (for property damage). Bodily injury liability specifies  both a per-person liability and a total liability per accident. For any damage outside of that you will need to pay personally, unless you have an umbrella insurance policy to make up the difference.

It's certainly looking that way. Even Warren Buffett had to switch to one in 2020. Banking is increasingly done online, budgeting apps are more convenient to use with a phone than a desktop or laptop, and it’s easier to check on your investments. And at work and elsewhere, two-factor authentication pretty much requires having a phone. So goes getting an Uber or Lyft .

If you need to move large amounts of money, a wire transfer–either bank to bank or via an agent such as Western Union–is the safest way to go. Expect to pay a fee and review the fine print before you agree to the transfer. It may take a few hours or days, depending on the details. Note that a wire transfer is different from an Automated Clearing House (ACH) transfer . Those are used to pay bills or move money between linked accounts.

Managing your money—including saving, investing, and setting financial goals—are all part of personal finance. So are areas like budgeting, retirement planning, and saving for your children’s college educations.

This free document-scanning and filing app from Google photographs documents like bills and receipts, and stores them as pdfs. It’s only available for Android phones and tablets, not Apple products.

This is the plan you need when your car breaks down on the road. You can get this coverage from your auto insurance company, or from AAA or your credit card. Even your cellphone provider might offer  it. Your vehicle’s age and mileage might be an issue on the coverage you can get, and there will likely be limits on how far you can be towed and how many service calls you get per year. Your car warranty may also cover assistance for a newer car.

Your assets and liabilities–summarized on a document or spreadsheet–are what constitute a personal financial statement. Subtracting your liabilities.  from your assets will yield your net worth. You will need a personal financial statement if you are applying for a mortgage or other loan. It will also let you track your personal worth over time. Interestingly, personal property like jewelry and antiques aren’t generally included in a personal financial statement.

People with disabilities who hope to return to work often worry that they will lose their Medicare disability coverage. This government program allows them to keep their coverage for at least 8½ years. Ticket Holders can receive employment and other services from qualified service providers.

Explore Personal Finance


  • Terms of Service
  • Editorial Policy
  • Privacy Policy
  • Your Privacy Choices

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

Personal Financial Statement Template

Create a high quality document now!

Personal Financial Statement Template

Thank you for downloading!

How would you rate your free form.

Updated October 11, 2023

A personal financial statement is a document summarizing a person’s financial standing. It provides a full list of their personal assets and liabilities as well as their income and expenses. Commonly required by financial institutions when applying for credit or a loan, it demonstrates a person’s creditworthiness and repayment ability.

Common Uses

  • Credit, loan, or financing application (mortgage, vehicle, etc.)
  • Seeking financing from an investor
  • Application for a lease
  • Financial planning

What is a Personal Financial Statement?

A personal financial statement is an overview of a person’s financial situation at a given time. It includes a list of their assets, liabilities, income, and expenses to calculate the person’s net worth and monthly profit/loss.

How to Prepare a Financial Statement

A financial statement is comprised of two parts: a balance sheet (assets and liabilities) and an income statement (monthly income and expenses).

What to Include (6)

To create an accurate, up-to-date financial statement, be sure to collect a list of all assets, liabilities, income, and expenses with their estimated cash values.

Assets are physical or digital goods with monetary value. Examples include:

  • Bank accounts (checking, savings, money market accounts)
  • Investment accounts: Stocks, ETFs, mutual funds, bonds, commodities
  • Retirement accounts: 401(k), IRA, etc.
  • Certificate of deposit
  • Physical cash
  • Real estate
  • Personal properties with significant value: Vehicles, boats, collectibles, jewelry

2. Liabilities

Liabilities are debts and financial obligations that a person is tied to. Examples include:

  • Credit cards with a balance
  • Student loans
  • Unpaid medical bills or taxes
  • Mortgages or vehicle loans
  • Co-signed loans

3. Net worth

A person’s net worth represents their monetary value after their liabilities have been accounted for.

[ Total Value of Assets ($) – Total Value of Liabilities ($) = Net Worth ($)]

Income represents all the positive cash flow coming in. Examples include:

  • Monthly wages
  • Commissions
  • Passive income: Dividends, interest on savings account, etc.

5. Expenses

Expenses represent the cost of living and other negative cash flows. Examples include:

  • Monthly rent
  • Car payments
  • Student loan payments
  • Other living expenses

6. Net profit/loss

A person’s net profit or loss is calculated by comparing the incoming cash flow with the outgoing cash flow.

[ Total Sum of Income ($) – Total Sum of Expenses ($) = Net Profit/Loss ($)]

What Not to Include

  • Business assets and liabilities  — A personal financial statement should not include business-related assets and liabilities unless the person is directly liable.
  • Loaned assets — If the person does not have legal ownership over an item, it should not be included in their personal financial statement.
  • Personal home goods like furniture — Items without significant cash value or items that may not be easily sellable should not be included.


Prepared on: [DATE]


Spouse’s Name (if applicable): [ [DATE]

ASSETS ______________________________________________________________

Provide the total value of each asset class; if you have more than one account or item, add up the individual amounts. See the attachment to provide greater detail.

Checking Accounts                                                                               [AMOUNT AVAILABLE]

Savings Accounts                                                                             [AMOUNT AVAILABLE]

Certificates of Deposit                                                                    [AMOUNT AVAILABLE]

Securities (Stocks/Bonds/Mutual Funds)                              [TOTAL VALUE]

Notes Receivable                                                                              [TOTAL VALUE]

Personal Property                                                                            [TOTAL VALUE]

Real Estate                                                                                          [TOTAL VALUE]

Life Insurance                                                                                         [SURRENDER VALUE]

Retirement Accounts                                                                      [TOTAL VALUE]

Other Assets                                                                                        [TOTAL VALUE]

TOTAL ASSETS:                                                                    [SUM OF ALL ASSETS]


Provide the total value of each liability type; if you have more than one of a category, add up the individual amounts. See the attachment to provide greater detail.

Credit Card Debt                                                                                  [TOTAL OWED]

Student Loans                                                                                        [TOTAL OWED]

Vehicle Loans                                                                                         [TOTAL OWED]

Real Property Mortgages                                                                  [TOTAL OWED]

Notes Payable/Promissory Notes                                                  [TOTAL OWED]

Other Liabilities                                                                                    [TOTAL OWED]

TOTAL LIABILITIES:                                                                [SUM OF ALL LIABILITIES]



I certify that the information contained in this statement is true and accurate to the best of my knowledge on the date indicated. I agree that, if after submitting this statement, there are any material changes to my finances that would impact the information it contains, I have an affirmative duty to alert the person or entity receiving this statement as soon as possible. I acknowledge that, as a result of submitting this statement, further inquiries, including a credit report, may be necessary to verify the information contained, and I hereby authorize the person or entity receiving those statements to make such inquiries.

Signature : _______________________________ Date: ______________

Print Name: _______________________________

  • Credit cards
  • View all credit cards
  • Banking guide
  • Loans guide
  • Insurance guide
  • Personal finance
  • View all personal finance
  • Investing + Retirement
  • Small business
  • View all small business

You’re our first priority. Every time.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners .

SBA Form 413: How to Fill out the Personal Financial Statement

Randa Kriss

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money .

What is SBA Form 413?

SBA Form 413, formally titled “Personal Financial Statement,” is a document that the U.S. Small Business Administration uses to assess the creditworthiness and repayment ability of its loan applicants. This form collects information about your personal finances, such as assets, liabilities and sources of income.

You’ll be required to complete SBA Form 413, or your lender’s equivalent, as part of the application for most SBA loans .

The SBA also uses this form to determine whether a business meets the qualifying criteria for some of its contracting programs.

How Much Do You Need?

Who needs to fill out SBA Form 413?

If you’re applying for an SBA 7(a) loan, 504 loan or disaster loan, you’ll likely need to complete Form 413. Because SBA microloans are administered by intermediary partners, this specific form is not required for those loans.

SBA Form 413 must be completed by the following business applicants:

Each proprietor.

Every general partner.

Every managing member of an LLC.

Each owner with 20% or more equity in the business.

Any person or entity providing a guarantee on the loan.

If you’re a married individual completing this form, the SBA requires you to include the assets and liabilities of your spouse and any minor children [0] U.S. Small Business Administration . Personal Financial Statement . Accessed Nov 6, 2023. View all sources . This information is required so that the SBA knows that you have joint assets or liabilities; it does not mean, however, that your spouse is guaranteeing the loan.

Business owners applying for the WOSB Federal Contracting Program or the SBA 8(a) Development Program will also have to fill out Form 413.

» MORE: Compare the best small-business loans for women

How to fill out SBA Form 413

Follow these steps to complete SBA Form 413.

Step 1: Gather financial documents

SBA Form 413 requires a breadth of information and will take time to complete. Getting organized before you start filling out the form will help move the process along.

You may not need to provide these documents to your SBA lender , but they can be useful for completing the form more quickly and accurately:

Bank statements.

Retirement account statements (e.g., IRA, 401(k) accounts).

Life insurance documents.

Documents concerning any personal investments, such as stocks and bonds.

Pay stubs showing your annual salary.

Statements showing any additional forms of income.

Mortgage statements, auto loan statements, credit card statements and documentation of any other personal debt.

You should ensure that your financial documents are current — within 90 days of your application submission. If you’re filling out an application for the SBA 8(a) program, your information should be up-to-date within 30 days of submission [0] U.S. Small Business Administration . Personal Financial Statement . Accessed Nov 6, 2023. View all sources .

Keep in mind that you can reach out to your lender, business accountant or local Small Business Development Center if you need assistance completing Form 413.

Step 2: Select your loan or contracting program

On the first page of Form 413, check the box that corresponds to your application: SBA 7(a) loan; SBA 504 loan or surety bond; disaster loan ; Women-Owned Small Business, or WOSB, program or 8(a) program.

Step 3: Fill in personal and business information

Enter your name, home address and home phone number, as well as your business name, address and phone number.

Select your business entity type and enter the date as of which your information is current. If you’re applying for the WOSB Federal Contracting Program, indicate whether you’re married.

sba form 413

Step 4: Add your assets and calculate their total value

When filling in this section, you’ll want to include accurate information for both your and your spouse’s assets. You can round your valuations to the nearest dollar amount.

Here’s what you’ll need to include:

Cash on hand and in banks. Along with cash, the amount in your and your spouse’s checking accounts.

Savings accounts. Include the amount in any money market and CD accounts as well.

Retirement accounts. The value of your IRA or any other retirement accounts in your name, as well as your spouse’s name (if applicable).

Accounts and notes receivable. You’ll only need to fill this out if you’ve personally loaned money and that amount is still owed to you.

Life insurance — cash surrender value only. If your life insurance has a cash payout, list the dollar amount you would receive if you canceled it. This only applies to whole life insurance policies, not term life insurance. You'll describe this in detail in section 8.

Stocks and bonds. List the current value of all stocks and bonds owned by you and your spouse.

Real estate. List the current fair market value of all residential real estate you and your spouse own. You’ll describe this in detail in section 4.

Automobile. The current fair market value of all cars , boats, planes, or other automobiles you and your spouse own (not the automobiles you’re leasing).

Other personal property. Estimate the combined worth of all the valuable material items you own and could sell for cash but that don’t fall into any of the above categories (e.g., jewelry, electronics and antiques). You'll describe this further in section 5.

Other assets. Estimate the value of any other assets you own that don’t fall into the above categories. You'll also describe this in detail in section 5.

Once you’ve entered all of your information, you’ll add up the column to calculate the total value of your assets.

sba form 413

Step 5: Add your liabilities and calculate their total value.

In this section of Form 413, you’ll want to include your liabilities as an individual — and if you’re married, any liabilities you hold jointly with your spouse — just like the assets section.

Accounts payable. This field refers to any debts you owe to a third party (other than banks) usually on a short-term basis (i.e., 30, 60 or 90 days). Most applicants can leave this section blank.

Notes payable to banks and others. This is where you’ll list all outstanding balances on your personal credit cards or lines of credit. You'll describe this information further in section 2.

Automobile installment account. Provide the total balance and monthly payment amount for any outstanding automobile loans.

Other installment accounts. List the total and monthly payment amount of any outstanding personal installment loans on your books, including student and personal loans.

Loan against life insurance. Provide the balance of any loans you’ve taken out for which you’ve pledged your life insurance policy as collateral (only if it was whole life insurance).

Mortgages on real estate. The balance of mortgages on your owned real estate. You'll describe this in detail in section 4.

Unpaid taxes. List any due but unpaid taxes since your most recently filed tax return. You'll describe this further in section 6.

Other liabilities. Provide the total amount of any other outstanding debt not listed in the previous sections. Most applicants don’t have any additional liabilities; but if you do, you can describe them in detail in section 7.

After completing all these details, you’ll add up the numbers in the column to get your total liabilities. Next, you’ll calculate your net worth by subtracting your total liabilities from your total assets.

If your liabilities are greater than your assets — and you don’t have a high net worth — it doesn’t mean you won’t be able to qualify for an SBA loan. The SBA wants to understand your current debts and will use this information, in addition to the rest of your application, to evaluate your repayment ability.

sba form 413

» MORE: Do you meet SBA loan requirements?

Step 6: Fill in your sources of income and contingent liabilities

Section 1 of SBA Form 413 requires you to fill in your sources of income, including:

Salary. Provide your and your spouse’s total annual salaries (if applicable), as reported on your tax return.

Net investment income. List any income you earn as dividends and interest from your investments.

Real estate income. Provide the net income (i.e., income you earn after expenses) you receive from any of your owned real estate properties — through sale, lease or rental.

Other income. Provide the total amount of any income received through avenues not listed above.

If you have other income, such as a pension or social security, you’ll elaborate on that income in the “description of other income” box. You should not include alimony or child support payments as other income unless you want them counted toward total income [0] U.S. Small Business Administration . Personal Financial Statement . Accessed Nov 6, 2023. View all sources .

sba form 413

In the contingent liabilities box, you’ll add the debts you’re responsible for if certain conditions take place, including:

As endorser or co-maker. Outstanding debts for which you or your spouse acted as guarantor or co-signer.

Legal claims and judgments. The total amount you might owe for any pending legal claims or judgments.

Provision for federal income tax. The amount of money you’re setting aside to pay federal taxes for an expected increase in income due to pending litigation, dispute or asset sale.

Other special debt. The total amount of any other outstanding contingent debts not listed above.

Depending on your individual financial situation, you may not have anything to complete in this part of the form. If you do, remember that contingent liabilities are not included as part of the liabilities total used to calculate net worth .

Step 7: Provide additional details regarding assets and liabilities

After completing section 1, you’ll continue the form by filling out sections 2 through 8. Each of these sections will ask you to provide additional information regarding the assets and liabilities you listed earlier.

Depending on your finances, you may not need to complete all of these sections, or provide extensive details.

Section 2. Fill in details regarding your notes payable to banks and others, such as credit card accounts.

Section 3. Add information explaining your stocks and bonds.

Section 4. Provide details regarding any real estate you own.

Section 5. Describe anything you included as other personal property or other assets.

Section 6. Detail any information regarding your unpaid taxes.

Section 7. Describe anything you included as other liabilities.

Section 8. Add information regarding any life insurance policies you accounted for in the assets box.

If necessary, you can include relevant attachments for these sections — each of which must be identified as part of your SBA personal financial statement and signed [0] U.S. Small Business Administration . Personal Financial Statement . Accessed Nov 6, 2023. View all sources .

sba form 413

Step 8: Review the form

SBA Form 413 is nearly finished once you’ve completed sections 1 through 8. Before you sign and date, however, you should thoroughly review the information you’ve provided.

You might ask a business accountant, attorney or loan specialist to review your document as well, so that you can avoid mistakes that might impact your application.

Filling out Form 413 completely and correctly will help expedite the underwriting process for your SBA loan.

Step 9: Sign and date

Once you’re satisfied that you’ve completed your personal financial statement accurately, you’ll need to sign and date the document. You, the borrower, will sign and date the form, as well as provide your Social Security number.

If you own 20% or more of your business — and you included assets that you share with your spouse — your spouse will also need to sign and date the form.

sba form 413

» MORE: How to apply for an SBA loan

Download SBA Form 413

Download Form 413 via the SBA website . You may also be able to get the form from your individual SBA lender.

Learn more about getting an SBA loan:

Compare current SBA loan rates .

What’s the difference between an SBA 7(a) vs. 504 loan?

Find out how long it takes to get an SBA loan .

A version of this article originally appeared on Fundera, a subsidiary of NerdWallet.

On a similar note...

  • Search Search Please fill out this field.
  • Building Your Business

How To Fill Out SBA Form 413

What To Know About the SBA’s Personal Financial Statement

personal financial statement notes

What Is SBA Form 413?

  • What the SBA PFStatement Includes
  • Who Needs To Fill Out the PFS?

Frequently Asked Questions (FAQs)

DjelicS / Getty Images

Many startups and small businesses rely on SBA loans to start or fund their ventures. While SBA loans are important tools for many business owners, the application process can be complicated and time consuming. Loan approval requires owners to fill out many forms , and one of the most important is the SBA’s personal financial statement, Form 413. Ultimately, loan approval depends on the applicant’s ability to repay other debt and by extension, the SBA loan itself.

While loan applications can seem daunting, Form 413 can be managed by tackling it with organization and concrete steps. By gathering the necessary information before beginning the form, and making sure the information provided is complete and accurate, Form 413 will become simply another step on your way to an SBA loan . Here’s what you need to know.

Key Takeaways

  • Form 413 is a key piece of most SBA loan applications.
  • Also known as the Personal Finance Statement, it allows the SBA to evaluate an applicant's creditworthiness and the likelihood they’ll be able to repay any extended funds.
  • While Form 413 can be daunting, understanding what the lender is looking for, preparing documents ahead of time, and double-checking that everything is accurate will put you in the best position for approval of your loan application.

Form 413 is one of the most important factors when it comes to approval of an SBA loan. This form provides a snapshot of your personal assets and liabilities, which allows the lending partner to evaluate your ability to repay any extended funds. A business owner’s financial condition can tip the scales when it comes to receiving an SBA loan.

Also called the Personal Financial Statement (PFS), Form 413 allows lenders to see what you already owe, and evaluate your creditworthiness . If your debt-to-income (DTI) ratio is already high, the likelihood of you being able to repay an SBA loan may be seen as low. The SBA also wants to know that if you default on the loan, there is a high likelihood it would be able to recover certain funds from your existing assets. This is why it is important to have all assets and necessary documents accounted for when submitting the PFS. Omitting an asset, such as a retirement fund, could be a deciding factor for a discerning lender.

What the SBA Personal Financial Statement Includes

In its simplest form, the PFS is an assessment of your assets, liabilities, and income that would support any repayment of the SBA loan. To complete Form 413, you will need to provide numbers and supporting documentation for the following aspects of your personal financials:

  • Assets : This includes every personal asset, such as cash, real estate, and retirement accounts.
  • Liabilities : This includes major liabilities such as student debt and other loans, monthly installments such as car payments, and contingent liabilities such as legal claims.
  • Sources of income : This shows your ability to repay debts and includes your salaries, investments, and any other income streams available to you.

Who Needs To Fill Out the SBA Personal Financial Statement?

Most SBA loan programs require applicants to fill out Form 413 in order to gauge eligibility for loan approval. When seeking an SBA loan, however, it is not just the business owner who is responsible for providing proof of credit worthiness to the government. The personal financial statement must be completed by all of the following applicants for the business:

  • Each proprietor and every LLC managing member
  • Every general partner with more than 20% ownership in the company
  • Each guarantor on the loan

If an owner of the business files a joint tax return with a spouse, the spouse’s assets must also be included in the PFS, as well as those of any minor children.

Tackling Form 413 can be relatively straightforward as long as you take the time to break down the steps and be extremely thorough in the reporting of your financial situation.

Study the PFS

One of the most important steps for filling out any loan application, especially for an SBA loan and Form 413 specifically, is to read through and understand the requirements before beginning the process. The PFs are far more involved than simply indicating how much money you have in the bank. Take the time to read through what’s required, and create a checklist of all the amounts you’ll need to know and documents you’ll need to track down before beginning.

Gather the Relevant Documents

The information provided on Form 413 is not based on estimations but an exact and accurate reflection of your assets and liabilities. As such, documentation may need to be provided to substantiate the numbers you provide on the PFS.

Depending on your financial situation, relevant documents include:

  • Bank statements
  • Tax returns
  • IRA statements
  • Life insurance documents

While you may not need to turn these over to your lender, it is important to have them on hand and be able to refer to them for accurate figures when completing the form.

All documents should be pulled within a 30-day period from the date of filling out a form. For example, you should not use a checking or savings account statement from more than one month before the date you’ve signed the PFS.

Fill Out Basic Business Information

The first step is to fill out the basic information about your business. This is simply the name and location of your business, as well as your name.

Section 1: Compile Assets and Liabilities

The next section requests you account for assets and liabilities. When accounting for your assets, it is crucial to include a complete and accurate picture of both your assets as well as your spouse’s. You’ll want to include the following:

  • Cash on hand and in banks : Along with cash, you’ll want to account for any savings.
  • Any kind of retirement accounts : Search for any old retirement accounts from past employers that may have been forgotten. You can search online with the U.S. Department of Labor, as well as the National Association of Unclaimed Property Administrators .
  • Life insurance : If this applies to you, you’ll need to expand on the policies in Section 8 of Form 413, as well as provide documents.
  • Stocks and bonds : You need to detail your holdings in Section 3 of the PFS, so you’ll want to access updated values to make sure your asset reporting is accurate.
  • Real estate : This is a large component of personal assets, and if you own real estate, this could be a complicated component of the PFS. For Section 4, you’ll need to understand many details about your property as well as add attachments if you have multiple properties.
  • Automobiles : Know the market value of all vehicles owned by your family before filling out the PFS.
  • Other assets or other personal property : You can detail any other assets that could benefit your application in Section 5 of Form 413.

Forgetting to account for any assets may have a negative impact on the outcome of your application, so it is important to take the time to track down any asset or property that could help sway the lender’s decision.

Account for Liabilities

Of course, the next component is to detail all outstanding liabilities. This will allow the SBA lender to evaluate what your monthly debt burden may be before taking on the additional debt from a potential loan. You’ll need to account for:

  • Accounts payable : The accounts payable portion reflects any debts owed to anyone other than a bank.
  • Notes payable to banks and others : Notes payable is where you detail any loans from banks, lines of credit, credit cards, etc.
  • Auto payments: The SBA wants to know about any monthly burdens, such as auto payments. You’ll need the total and the monthly amount.
  • Monthly installments : This is where you would account for any other monthly payments such as personal loans or student loans.
  • Loans against life insurance if applicable.
  • Mortgage payments : These are detailed in Section 4.
  • Unpaid taxes : It is important to have the correct documentation for these payments, to make sure the reported figures are up to date.
  • Other liabilities : You’ll need to account for any other debts not detailed in these sections. This does not account for monthly living expenses, simply other debts, which will be detailed in Section 7. Most applicants do not fill out this section.

Here, you will total up your liabilities as well as your assets, then subtract your liabilities from your assets to get a figure for your total net worth.

A low net-worth number does not necessarily mean your application will be rejected. The lenders are looking for the ability to repay, as well as any assets that can support that repayment—not necessarily a high net worth.

In this section, you will detail the income that will help support your creditworthiness. Pull pay stubs and tax returns to support your salary indication. In this section, you can also detail any income from investments, real estate, or any other sources, such as pension, Social Security, etc. You do not need to detail any payments from alimony or child support unless you would like it counted toward your total income. Those, along with any “other income,” should be detailed in the section below.

Contingent Liabilities

Contingent liabilities are only applicable if you have the potential for debt if certain conditions take place, such as pending legal cases or judgments. Only detail these conditions if they are likely to occur, and do not include them in your total liabilities used to calculate your net worth.

Sections 2-8

In subsequent sections of Form 413, you’ll detail any assets and liabilities you may have that require further explanation. If you have a relatively simple personal financial picture, many of these sections may be left blank.

Review for Accuracy and Sign

The most important part of Form 413 is ensuring that all figures reported are complete and accurate. In the worst-case scenario, misrepresenting your net worth can lead to fines and legal judgments; in the best case, inaccurate figures could just lead to your loan application being rejected. Using supporting documentation and taking the time to itemize all of your assets and liabilities is absolutely worth it when it comes to supporting your business via an SBA loan.

Once you’ve confirmed everything on Form 413 is accurate, it’s important to sign and date the form and any additional attachments needed to detail real estate or other assets.

The Bottom Line

While SBA loans can be complicated and time consuming to apply for, being prepared and taking the application step by step can make the process more manageable. When it comes to Form 413, it’s ultimately about showing the SBA that your DTI ratio will allow you to repay the loan or make them whole should you default. Preparing your documents and making sure you’ve tracked down every asset and liability will set you up for success.

What happens if your liabilities outweigh your assets on the personal financial statement for an SBA loan?

The SBA is not looking for a high net worth, but rather to simply understand your monthly debt burden. If your personal financial situation leaves something to be desired, you may want to engage a loan broker or consultant who can help guide you through the process and present your application in the best light.

Where does an IRA belong on a personal financial statement?

IRAs and any retirement accounts will be accounted for under the assets section of Form 413. For context, other assets that you can account for on the form include your cash on hand, accounts receivable, and savings account(s).

U.S. Small Business Administration. " Personal Financial Statement ."

By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.


  1. 40+ Personal Financial Statement Templates & Forms ᐅ TemplateLab

    personal financial statement notes

  2. 40+ Personal Financial Statement Templates & Forms ᐅ TemplateLab

    personal financial statement notes

  3. Free Printable Financial Statement Template

    personal financial statement notes

  4. FREE 8+ Personal Financial Statement Forms in PDF

    personal financial statement notes

  5. 40+ Personal Financial Statement Templates & Forms ᐅ TemplateLab

    personal financial statement notes

  6. 9 Personal Financial Template Excel

    personal financial statement notes


  1. Financial Statement of Company (Day 1: Traditional Method) || Class 12 Account || Theory only

  2. where did you begin with your personal financial statement?

  3. Student Financial Statement Tutorial

  4. Limitation of financial statement analysis

  5. Do you need any type of documents editing service

  6. 1. Introduction to Financial Statement Analysis


  1. Personal Financial Statement: Definition, Uses, and Example

    The term personal financial statement refers to a document or spreadsheet that outlines an individual's financial position at a given point in time. The statement typically includes general...

  2. How to Create a Personal Financial Statement

    A personal financial statement, or PFS, is a document or set of documents that outlines a person or family's financial position. The portion of a PFS exhibits your assets and liabilities, or net worth. Some people create more detailed personal financial statements, including an income statement or other documents.

  3. What Are Financial Statement Notes?

    Financial statement footnotes are supplemental notes that are included with the published financial statements of a company. The notes are used to explain the assumptions used to prepare the numbers in the financial statements as well as the accounting policies adopted by the company.

  4. Evaluating Your Personal Financial Statement

    Ebony Howard Month after month, many individuals look at their bank and credit card statements and are surprised that they spent more than they thought they did. To avoid this problem, one simple...

  5. What Is a Personal Financial Statement?

    Definition A personal financial statement is a physical snapshot of your assets compared to your liabilities. It gives you a real-time view of your wealth and helps you assess your current financial situation. While it's beneficial for your own financial growth, lenders may ask for a personal financial statement if you're applying for a loan

  6. Personal Financial Statement Template

    A personal financial statement is a snapshot of your personal financial position at a specific point in time. It lists your assets (what you own), your liabilities (what you owe), and your net worth. To get your net worth, subtract liabilities from assets.

  7. Personal Finance Statement

    A personal financial statement is a document, or set of documents, that outlines an individual's financial position at a given point in time. It is usually composed of two sections - a balance sheet section and an income flow section.

  8. Personal Financial Statement: What Is It?

    A personal financial statement is a document that details an individual's assets and liabilities. It's often used by lenders to learn a loan applicant's net worth and other details of their financial life. Learn how to prepare a personal financial statement, and why it's so important for loans. What Is a Personal Financial Statement?

  9. Personal Finance: The Complete Guide

    Personal finance encompasses the whole universe of managing individual and family finances, taking responsibility for your current and future financial situation, and setting financial goals.

  10. Free Personal Financial Statement Template

    A personal financial statement is a document summarizing a person's financial standing. It provides a full list of their personal assets and liabilities as well as their income and expenses. Commonly required by financial institutions when applying for credit or a loan, it demonstrates a person's creditworthiness and repayment ability. Common Uses

  11. ASC 274 Personal Financial Statements

    Overview. ASC 274-10 notes the following: This Subtopic addresses personal financial statements. Personal financial statements are prepared for individuals either to formally organize and plan their financial affairs in general or for specific purposes, such as obtaining of credit, income tax planning, retirement planning, gift and estate ...

  12. Personal Financial Statement Template

    A personal financial statement is a form or spreadsheet detailing a person's financial state at a certain point in time. It may be requested by financial institutions or investors if you're looking to take out a loan or secure an investment. ... Notes Payable to Banks and Others - In this section, list the names and addresses of institutions ...

  13. 17 Free Personal Financial Statement Templates (Word, Excel, PDF)

    17 Personal Financial Statement Templates and Forms (Word, Excel, PDF) The personal financial statement is a document featuring an individual financial state at a specific time. Suppose you want to secure your investment or take a loan. Investors or financial institutions usually require this form or spreadsheet.

  14. Personal Financial Statement

    The term "personal financial statement" refers to the summary of an individual's financial position at a particular time. Typically, the document includes general information about the individual and a summary of the financial position in terms of total assets and liabilities and net income flow.

  15. SBA Form 413: Personal Financial Statement

    Small Business SBA Form 413: How to Fill out the Personal Financial Statement SBA Form 413 is typically required as part of an SBA loan application. The SBA uses this form to evaluate your...

  16. Financial statement

    Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand.

  17. Sample Personal Financial Statement

    The Importance of Using Personal Financial Statements Each time you prepare such a statement, you create a snapshot of your finances at a particular point in time. To monitor fluctuations in your finances, you may choose to prepare a financial statement periodically (on a set date every month, quarter, bi-yearly etc.) and compare statements.


    There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders' equity. Balance sheets show what a company owns and what it owes at a fixed point in time. Income statements show how much money a company made and spent over a period of time.

  19. PDF HELP WITH FILLING OUT THE Personal Financial Statement1

    Accounts & Notes Receivable: Enter the total value of all monies owed to you personally, if any. This should include shareholder loans to the applicant firm. Life Insurance: Enter only the cash surrender value of any life insurance policies. **A complete description is required in Section 3. Real Estate:

  20. Notes to Financial Statements

    Our review of the financial statements of 20 publicly-traded corporations showed notes on the following topics: Nature of business Investments Employee benefit plans Basis of consolidation Accounts receivable Pensions and postretirement health plans Use of estimates Inventories Fair value measurement

  21. How To Fill Out SBA Form 413

    Also called the Personal Financial Statement (PFS), Form 413 allows lenders to see what you already owe, and evaluate your creditworthiness.If your debt-to-income (DTI) ratio is already high, the likelihood of you being able to repay an SBA loan may be seen as low. The SBA also wants to know that if you default on the loan, there is a high likelihood it would be able to recover certain funds ...

  22. PDF ASU 2016-14 Illustrative Financial Statement Example

    and Financial Statements for Big National Charity, Inc. December 31, 20XX and 20XX ASU 2016-14 Financial Statement Example The AICPA's Not-for-Profit Expert Panel created this set of illustrative financial statements that shows the implementation of ASU 2016-14. This document provides a non-authoritative example

  23. CRediT author statement

    CRediT author statement. CRediT (Contributor Roles Taxonomy) was introduced with the intention of recognizing individual author contributions, reducing authorship disputes and facilitating collaboration. The idea came about following a 2012 collaborative workshop led by Harvard University and the Wellcome Trust, with input from researchers, the ...

  24. Personal Financial Statement Template

    Personal Financial Statement. Download the free Excel template now to advance your finance knowledge! A personal financial statement is a document or set of documents that outline an individual's financial position at a given point in time. It is usually composed of two sections - a balance sheet section and an income flow section.