Perhaps the hardest part of Form 159 is deciding whether to fill it out. If you have hired someone – a lawyer, broker, credit packer – to help you with your SBA loan, you need to fill out 159. The form is only used by about one-third of SBA credit applicants, but you can be part of that third party. If so, it`s always simple – no matter what, there`s nothing to worry about. Why is this form necessary? By disclosing these fees, lenders and agents cannot use borrowers with unscrupulous fees and charges. If everything is disclosed to the SBA, borrowers are protected and lenders must be honest and open. There are few things you can rely on as a small entrepreneur – but one thing that`s for sure is paperwork, especially if you`re applying for an SBA loan. Applications for these coveted business loans not only require a long list of documents from your personal financial documents, but also contain their own specific forms. Among them is SBA Form 159 which you need to get your SBA loan approved and underwritten. One such document could be Form SBA 159 (commonly known as SBA 159), a tripartite form that only applies to one-third of credit applicants. This is something you don`t want to overlook, so we`re going to check out in this article what SBA 159 is, how it`s used, and what you need to know to fill it out properly. However, if you do it alone, it`s important to make sure you have all the forms you need and that they are all filled out correctly. We will specifically go through form SBA 159 so that you can be sure to satisfy this specific part of your SBA credit application.
(And tip: Once you`re done here, we can also help you with SBA Form 912 – but one thing at a time!) Here`s everything you need. Even if you have not paid the agent directly, this referral fee must be indicated on Form SBA 159. Your agent must complete this section and list their professional designation and the services that will be provided to you during the credit application process. Then, the agent records the remuneration received and lists the services provided when the compensation exceeds 2500 $US. Finally, the agent`s signature is required. You must also include your SBA credit number. As with any paperwork, it will be essential to stay organized. Hold some kind of record while tracking who needs a form, so that when it`s time to fill it out and drop it off, you have all the information available. You`ll be so happy that you`ve anticipated to streamline the process if you have the opportunity. The credit applicant (you, probably), your agent and your lender all have a section to complete on this form. As stated earlier, the SBA reports that many errors are displayed here, if you let someone else fill out a section for you, be sure to check it out before shooting it down.
That`s the last thing! Your lender will fill out this section for you, and you now know that you should check it out for them. This section requires the name of the lender and the printed name and signature of the lender`s agent. You will also need the full name and business contact information of the referral agent as well as any referral fees paid. Ultimately, you will need your SBA credit number if your loan has been approved. Most of the sections on SBA 159 are quite simple. You are asking for names, contact information and fees that I hope I have kept in mind. But even the simplest forms have a few tricks, so we`ve broken it down section by section for you.