Complete Guide to SBA 1919 Form Section II for Assisted Living

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Starting your own assisted living facility is a big and exciting step! But to make it happen, you need to secure funding. That’s where the SBA 1919 form comes in. It can feel confusing, like trying to solve a big puzzle, but don’t worry—I’m here to help!

This guide will focus on Section II of the form, which is all about the individual owners. We’ll break it down, step-by-step, so you know exactly what to do. By getting this part right, you’ll move one step closer to opening your own successful assisted living business!

Check out the video, too:

What Is the SBA 1919 Form?

The SBA 1919 form is a special document that you need to fill out to get a loan from the Small Business Administration (SBA). It helps the SBA learn more about your business and who’s in charge. The form has a few sections:

Section I: This part is about the business.
Section II: This section is about the owners (that’s what we’re talking about today!).

If you haven’t looked at Section I yet, check out our previous guide on it!

Why Section II Is So Important

Section II is all about you and anyone else who owns at least 20% of the business. The SBA wants to know:

Who you are.
Your background.
If there are any financial or legal issues they should know about.

By filling this out correctly, you help the SBA understand that you’re a responsible and trustworthy business owner. This will make it easier for you to get the funding you need!

Step-by-Step Guide to Section II

1. Personal Details

Start with the basics. You need to provide:

Your full name.
Social Security number.
Date and place of birth.
Your home address and phone number.
How much of the business you own.

Tip: Double-check your answers! Even a tiny mistake can slow things down.

2. Disclosures

Here, they’ll ask some personal questions. This includes things like your:

Veteran status.
Gender.
Race and ethnicity.

You don’t have to answer these questions if you don’t want to. Just select “Not Disclosed” if you’d rather not share.

3. Legal and Financial Background

This part asks you yes or no questions about any legal or financial history. Questions like:

Are you facing any criminal charges?
Have you been arrested recently?
Are you behind on child support?

Be honest! If you have to say “yes” to any of these, that’s okay. Just make sure you explain the situation and include any extra paperwork they ask for.

4. Citizenship Details

Next, you’ll need to share your citizenship status. If you’re not a U.S. citizen, they’ll ask for your USCIS registration number. Make sure everything is correct because mistakes can slow down your application.

5. Initial and Sign

Don’t forget to:

Initial certain sections (numbers 17, 18, 19, and 20).
Sign the form with your actual, handwritten signature.

Most lenders won’t accept electronic signatures, so make sure you do it by hand!

Common Mistakes to Watch Out For

It’s easy to make little mistakes when filling out forms. Here are some common pitfalls to avoid:

Missing Initials: Remember to initial in the right spots!
Leaving Questions Blank: Answer every question, even if it doesn’t seem important.
Mismatched Details: Make sure all your information is the same throughout your loan application.

Why This Matters for Your Assisted Living Business

Getting your SBA 1919 form right shows lenders that you’re serious about your assisted living business. They need to know you’re someone they can trust with their money. This form helps them decide if they want to approve your loan.

Running an assisted living facility takes a lot of financial planning. The SBA uses this form to see if you’re ready to manage all the responsibilities that come with it. So, take your time, fill it out carefully, and don’t hesitate to ask for help if you’re unsure about any part!

Final Tips for Success

Use the Assisted Living Investing tools to stay organized.
Talk to your SBA lender if you have any questions.
Check your work before sending in the form!

By following this guide, you’ll be one step closer to opening your very own assisted living facility. Good luck, and remember—you’ve got this!

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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