The Personal Financial Statement (PFS) form is a crucial but often mishandled document that can make or break commercial loan applications, with lenders using it to assess not just financial status but also organization and trustworthiness.

• SBA Form 413 is the preferred standardized Personal Financial Statement
• Accuracy is essential—never round numbers or leave fields blank
• Incomplete forms signal disorganization and undermine credibility
• Every revision causes delays and loses momentum with lenders
• Required documentation includes statements for all assets and liabilities
• How you complete this form reflects how lenders believe you run your business
• Common mistakes include omitting spousal assets and forgetting liabilities
• Even fields with zero values should be completed with "none" or "0"

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