SBA 7(a) & 504 loans
Greywood CPA prepares the financial statements small businesses need to apply for SBA 7(a) and 504 loans and to keep reporting to their lender afterward. We are a licensed CPA firm (Virginia Board of Accountancy firm license #134961) working nationwide, at a fixed fee.
The SBA guarantees the loan, but your lender decides what financial statements it needs. Most lenders ask for business tax returns, a recent year-end and interim balance sheet and profit and loss statement, a debt schedule and each owner's personal financial statement. For larger loans or as an annual condition, many ask for CPA-compiled or reviewed statements. We confirm what your lender wants before we quote.
Last reviewed: November 2026
| Item | What it is |
|---|---|
| Business tax returns | Usually the last three years |
| Year-end financial statements | Balance sheet and profit and loss; CPA-prepared for many loans |
| Interim financial statements | Year-to-date statements, current within the lender's window |
| Business debt schedule | Every loan and lease: lender, balance, payment, rate and maturity |
| Personal financial statement | Each 20% or greater owner, usually on SBA Form 413 |
| Tax transcript authorization | IRS Form 4506-C, so the lender can verify your returns with the IRS |
Requirements vary by lender and loan size, so ask your loan officer for their checklist and send it to us.
| Situation | Usually accepted |
|---|---|
| Smaller loans and annual reporting | Internally prepared or CPA-compiled statements |
| Mid-size loans | CPA-compiled or reviewed statements |
| Larger loans or where covenants require | Reviewed or audited statements |
We usually recommend a compilation when the lender only needs CPA-prepared statements, and move to a review only when the lender requires assurance. See audit vs. review vs. compilation and our compilation service.
Underwriters compare your financial statements to your tax returns line by line. Differences, such as cash-basis returns and accrual-basis statements, owner add-backs or year-end adjustments, slow the loan down unless they're explained. We reconcile the two and document the differences so the underwriter doesn't have to ask.
SBA lenders focus on whether the business generates enough cash to cover its debt payments, usually measured as a debt service coverage ratio. They add back non-cash items like depreciation and interest, and sometimes one-time expenses, then compare the result to total annual debt payments, including the new loan. Clean statements and a clear schedule of add-backs make that calculation easy and defensible.
Many SBA loan agreements require annual financial statements and tax returns, and sometimes a covenant compliance certificate, within a set number of days after year-end. Missing them can put the loan in technical default. See covenant compliance reporting.
A 30-minute call about your organization, who needs the report and your deadline.
Scope, report type, timeline and one fixed fee, in writing.
Everything we need, uploaded through a secure portal.
Remote testing, then a draft for your review.
A CPA partner signs, and we walk you or your board through the results.
The lender sets the requirement. Many SBA lenders accept internally prepared statements for smaller loans and ask for CPA-compiled or reviewed statements for larger loans or as an annual condition.
Typically three years of business tax returns, year-end and interim financial statements, a business debt schedule, personal financial statements for 20% or greater owners and IRS Form 4506-C so the lender can verify returns.
Often, yes, when the lender only needs CPA-prepared statements. If the lender requires limited assurance, it will ask for a review.
Common reasons are cash-basis tax returns with accrual-basis statements, depreciation differences and year-end adjustments. A written reconciliation answers the underwriter's question before it's asked.
We quote one fixed fee in writing before any work starts, based on the statements your lender requires and the condition of your books.
Send us your lender's checklist. A senior CPA will send a fixed-fee proposal within 1–3 business days.