NEWITY Business Debt Schedule Template
To complete the Business Debt Schedule inside the 7(a) application, please follow the instructions below:
Please provide the information requested for all installment debt, contracts, notes, mortgages payable and those to be paid off, if any. Please list each loan, line of credit, and/or credit card separately. In the first column, if any business debt is an SBA Loan, please include the SBA Loan# & the type of loan (i.e., Express, PLP, Working Capital, CPA line) in the field.
In the Creditor Name & Account # or SBA Loan # field, please provide the name of the financial institution that provided the funding/credit, and the identifying number for that account or loan. If any business debt is an SBA Loan, please include the SBA Loan# & the type of loan (i.e., Express, PLP, Working Capital CPA line) in the field.
In the Original Date field, please enter the disbursement date of the loan. If this business debt is a line of credit or credit card, please enter the date the account was opened.
In the Original Amount field, please enter the dollar amount of the loan for which you were approved. If this is for a line of credit or credit card, please enter “$0.00”.
In the SBA Loan field, please enter “Yes” or “No” if this debt is classified as an SBA Loan.
In the Type field, please describe in your own words what the business debt is classified as. Examples: Credit Card, Mortgage, Line of Credit, SBA Loan, etc.
In the Current Balance field, please enter the current dollar amount of this outstanding debt.
In the Interest Rate field, please enter the interest rate that is applied to this debt. Please enter the interest rate in the following format: for 6% monthly, simply type “6” without the “%” character.
In the Maturity Date field, please enter the date set for the loan to be paid off or expire. This information can be found in the approval documentation of the loan. If this is a line of credit or credit card, please enter a “dummy date” as this is a required field currently.
In the Monthly Payment field, please enter the monthly minimum payment amount you are required to pay on the business debt. You may enter the amount you paid on the most recent statement/invoice for the debt.
In the Collateral or Security for debt field, please enter the items and/or capital that was used as collateral or security to secure the loan, if applicable. If no collateral or security was required, please enter “N/A”.
In the Current or Delinquent field, please choose from the list of options if this business debt is currently classified as an active debt that is being paid on time, or if the debt is classified as delinquent by the lender.
In the Purpose of Loan field, please enter the uses that this debt is going towards for your business. Examples: Operational Expenses, Payroll, Rent, Utilities, etc.
In the Printed on Financial Statement field, please enter “Yes” or “No” if this debt is listed on the latest balance sheet submitted with your application.
Note: The present balance of any outstanding business debt listed should agree with the latest balance sheet submitted with your SBA 7(a) small business loan application.
NEWITY LLC and its affiliates are not lenders participating in SBA’s 7(a) loan program. SBA 7(a) loans are ultimately processed and approved by a lender participant in SBA’s 7(a) loan program.