Complete Guide to SBA 1919 Form Section I for Assisted Living

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Filling out forms can be tricky, especially when it comes to getting a loan for your assisted living business. The SBA 1919 form is one of those important forms, and it’s a big step in getting the funds you need. But don’t worry, I’m here to help!

In this guide, we’re focusing on Section I of the SBA 1919 form. This section is all about your business. We’ll walk you through what to fill out, what to watch out for, and some tips to make it easier. If you’re looking to start an assisted living business, this guide is for you!

Check out the video, too:

What Is the SBA 1919 Form?

The SBA 1919 form is a must-have if you want to get a loan from the Small Business Administration (SBA). It’s a way for the SBA to get to know your business and see if it’s a good fit for a loan.

Section I is all about your business—things like your address, what you do, and who owns it.
Section II (which we’ll talk about in another guide) is about the owners.

Filling out the form correctly is super important because it helps the SBA trust that your business is solid and ready for funding.

Understanding Section I: Business Information

Business Identification

First, you’ll need to decide if your business is an Operating Company (OC) or an Eligible Passive Company (EPC):

OC: This is the company that runs the day-to-day operations, like taking care of residents in your assisted living facility.
EPC: This is the company that owns the property and leases it to the OC.

For example, if your business owns the building and runs the assisted living services, you might have to fill out parts for both the EPC and OC.

Business Details

Now, you need to fill in some basic information:

Business Address: This could be your home address or even your lawyer’s office if that’s where your business is registered.
Tax ID: Enter your EIN (Employer Identification Number) or SSN (Social Security Number) for sole proprietors.
Phone Number: This can be your phone number when you’re just starting.
Project Address: This is the address where your assisted living facility will be.

Loan Request Details

This part is about the money:

Write down how much you’re asking for.
Explain what you need it for—like buying the property, doing renovations, or buying equipment.
Show how many jobs your business will create or keep. This part is really important because the SBA loves to support businesses that create jobs!

Ownership and Legal Stuff

Ownership Structure

You’ll need to list each owner’s:

Full name
Title (like CEO or Owner)
Percent they own in the business
EIN or SSN

If anyone owns 20% or more, they’ll need to fill out Section II.

Legal and Financial History

Answer the yes/no questions about your business’s history, like:

Have you or your business ever filed for bankruptcy?
Do you have any legal troubles?
Do you have other businesses that are tied to this one?

If you answer "yes" to any of these, be ready to give more info and paperwork.

Key Considerations for Assisted Living Businesses

Job Creation: How many new jobs will you create, like caregivers or office staff?
Affiliates: If you own other businesses or properties, you’ll need to list them.
Compliance: Make sure you follow all the local rules and have the right licenses for your assisted living business.

Common Challenges and Tips

1. Incomplete Financial Records

Lenders want to see your business’s financial health, so make sure you have:

Profit and loss statements
Balance sheets
Tax returns from the past few years

Using tools like QuickBooks can make this easier.

2. Confusing Terms

The form uses some big words, like "affiliates" and "EPC." If you’re unsure what they mean, don’t guess—ask your lender or a financial advisor for help!

3. Extra Paperwork

Depending on your business type, you might need extra documents. This could be:

Franchise agreements
Management contracts

Final Steps Before You Submit

Before you send in your SBA 1919 form:

Check for Mistakes: Make sure everything is filled out correctly.
Add Supporting Documents: Include any extra paperwork the SBA asks for.
Ask Your Lender: If you’re not sure about something, ask your SBA lender. They’re there to help!

Wrap-Up

Filling out Section I of the SBA 1919 form might seem complicated, but if you take it step-by-step, you’ll get through it. This part is all about showing the SBA that your assisted living business is a smart and safe investment. By paying attention to the details, you’ll be one step closer to getting the funding you need to make your business dream a reality.

Next Step?

If you need help creating a business plan for your assisted living business, download our Business Plan Checklist to ensure you have a solid business plan to help launch your assisted living business. And, if you need help navigating the process of launching your assisted living business, apply to our Assisted Living Investing Mastermind program to get expert guidance and support throughout your journey.

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