Master SBA Loans: Step-by-Step Personal Finance Statement Guide

Dec 23, 2024

Starting an assisted living facility is exciting, but you need money to get started. Many people use SBA loans to get the money they need. Part of applying for an SBA loan means filling out a Personal Financial Statement (PFS). This form shows the bank what you own and what you owe so they can decide if they’ll lend you money.

Don’t worry if the form seems hard. In this blog, I’ll walk you through it step-by-step. We’ll make it simple, so you can understand what to do and feel good about finishing the form.

Check out the video, too:

What is a Personal Financial Statement (PFS)?

The Personal Financial Statement (PFS) is a form from the Small Business Administration (SBA). It’s not a form you create—SBA gives you the form to fill out. It’s like a big checklist of your money stuff, showing what you own (like a house or car) and what you owe (like loans).

Why Is the PFS Important for Your SBA Loan?

The SBA uses the PFS to see how strong your finances are. They want to know if you can handle a loan and if you have enough assets (things of value you own). Filling out this form right can help you get your loan faster. It shows the lender you’re serious and ready.

Step 1: Understanding the Form

The form is split into two main parts:

  • Overview: This part shows your big picture—what you own and what you owe.
  • Details: Here, you give more info on each thing you own and each thing you owe.

Step 2: Filling Out Basic Information

Start by adding your basic information:

  • Name: Your full name.
  • Phone Number: The best number to reach you.
  • Address: Where you live.
  • Business Info: If you have a business name, write it down too.
  • Business Type: If you have an LLC (Limited Liability Company) or other type, choose the right one.

Step 3: Completing the Assets Section

Here’s where you list all the things you own that have value:

  1. Cash on Hand & Savings: Add up what’s in your checking and savings accounts.
  2. Retirement Accounts: Write down what’s in your 401(k) or IRA.
  3. Real Estate: If you own a house, get an estimate of its value (you can use Zillow).
  4. Vehicles & Personal Items: List your car and anything valuable, like jewelry.
  5. Life Insurance: Only put down life insurance that has cash value (not term insurance).
  6. Other Assets: Anything else you own that’s worth money—write it down.

Tip: Double-check your math to make sure everything adds up!

Step 4: Listing Your Liabilities

Now, it’s time to show what you owe:

  1. Credit Cards: How much do you owe on your credit cards?
  2. Loans: Do you have car loans or other loans?
  3. Mortgages: If you have a house loan, write down the balance left.
  4. Student Loans & Other Debts: Include any unpaid school loans or taxes.

Step 5: Summarizing Net Worth

Your net worth is what you own minus what you owe. Make sure the numbers are right:

  • Total Assets: Everything you own.
  • Total Liabilities: Everything you owe.
  • Net Worth: Assets - Liabilities = Net Worth.

Step 6: Income & Extra Financial Info

This part is about your income and any other financial stuff:

  1. Income: Write down how much money you make from work or other sources.
  2. Contingent Liabilities: If you’ve co-signed a loan for someone, mention it here.

Step 7: Additional Sections

Here are a few more things you might need to fill out:

  1. Notes Payable: List any loans you still owe money on.
  2. Stocks, Bonds, & Real Estate: If you have investments, describe them.
  3. Other Assets: If you have anything else valuable, describe it.
  4. Unpaid Taxes: If you owe any taxes, make sure to include them.

Step 8: Final Steps & Signatures

You’re almost done! Now, finish up:

  • Sign the Form: You and your spouse (if you have one) need to sign the form.
  • Gather Documents: Depending on what your lender asks for, you might need to add extra paperwork like tax returns or pay stubs.

Helpful Tips

  • Be Honest: Don’t guess or make stuff up. The SBA wants the real info.
  • Talk to Your Lender: If you don’t know what to put, ask your lender. They want to help you get it right.

Final Thoughts

Filling out the Personal Financial Statement (PFS) may look tough, but you can do it one step at a time. Make sure your numbers are right, gather everything you need, and don’t be afraid to ask for help. When you’re done, you’ll be closer to getting the funds you need to start or grow your assisted living business.

Next Steps?

Are you ready to take the next step in your assisted living investing journey? Download our Business Plan Checklist, which will guide you in creating a successful business plan for your assisted living facility. Also, consider applying to our Assisted Living Investing Mastermind program, where you'll learn to build a business plan, find the property, secure funding, obtain a license, and run and scale your business. Start building your roadmap to success today!

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