ASK THE EXPERTS: 504 Q&A

Q – Who must provide an SBA Form 912, Statement of Personal History?

A – Any officer or individual who owns 20% or more of the applicant business (OC) and/or real estate holding company (EPC) must complete a 912 form. This form is essential in determining the "character" of the management of the OC or EPC. The FFCFC staff has years of experience in assisting customers with completing and processing this form with the SBA.

Note: if an individual checks “yes” on items 7, 8 or 9 on the 912 form, a pre-eligibility clearance is required from the SBA. In the case of a misdemeanor offense (no more than two misdemeanors within the last few years), the 912 form along with an affidavit and details of the offense may be cleared within two to three days by the SBA.  In the case of a felony offense -- which includes a felony arrest that has been reduced to a misdemeanor or the charges have been dropped; felony convictions that have been expunged or pardoned; or numerous misdemeanors -- the 912 form, an affidavit and details of the offense must be submitted to the certified development company along with a completed fingerprint card. The SBA will then submit the information to Washington, which can take up to six to eight weeks for clearance.

If you have a question you’d like the FFCFC 504 Experts to answer email it to insider@ffcfc.com.