How to fill out SBA Form 355

You have to be a small business to get a loan backed by the Small Business Administration (SBA). But the SBA has a very specific definition of what counts as small. To prove that your business meets those standards, you might have to fill out SBA Form 355 when you apply for government-guaranteed funding.

What is SBA Form 355?

SBA Form 355, also known as the Information for Small Business Size Determination Form, is a document that helps the SBA determine whether or not your business counts as a small business. If it doesn’t meet SBA size standards, you aren’t eligible for an SBA loan. It applies to all SBA programs except the Small Business Investment Company (SBIC) program, which uses Form 480 instead.

Why is this necessary? The SBA’s definition of a small business varies depending on your industry. But in general, your business needs to be independently owned and operated and not be considered a leader in the industry to qualify as small. Other factors that contribute to SBA size standards include your industry’s average business size, distribution of different-sized businesses, level of competition and startup costs.

Make sure your business fits these requirements before you apply by using the SBA’s online size standard tool.

Do I have to fill out SBA Form 355?

You generally only have to fill out Form 355 if the SBA requests it or you’re contesting your affiliation with a business. You don’t have to submit it along with your other SBA forms — you’ll complete it after the SBA receives your application, if at all.

Your business’s lawyer, accountant or other nonemployee representative can complete the form as long as you also provide a letter authorizing them to represent your company. Otherwise, it should be filled out by you or another owner or employee of your business.

What do I need to fill out SBA Form 355?

The hardest part about filling out SBA Form 355 might be compiling all of the information and documents you need to get started.

Information you need

Make sure you have the following information on-hand before you get started:

• Your business’s DUNS number. This is the number that credit rating agency Dun & Bradstreet assigns to all businesses. You can find yours on the Dun & Bradstreet website.
• If your business is in a Labor Surplus Area. This is a civil jurisdiction with an unemployment rate that’s at least 20% higher than the national average during the last two years. The Department of Labor has a list of Labor Surplus Areas on its website.
• NAICS codes for the main industries your business is involved in. North American Industry Classification System (NAICS) codes are six-digit numbers the SBA uses to identify your business’s industries. You can find your NAICS codes on the SBA website.
• A list of everyone with a stake in your company. Know the names, addresses and percentages of ownership of all owners, partners, principal stockholders and other members of your organization.
• A list of officers of your business. You also need to know the names, addresses and titles of all high-level employees at your company.
• A list of your board of directors. Have a corporation? The SBA asks for the names and addresses of your board members as well.
• Information on affiliates. You need the same information about all affiliated businesses as you provide for your own business — including your relationship with the affiliate, its annual sales for the past three years and the number of employees it has.
• Information on associates affiliated with other companies. If owners, primary shareholders, board members or anyone else who has a say in your company has ownership or ties to another company, you need details on that company, as well as their position and ownership stake.
• Number of employees at your business. You’ll need to know the number of people currently working at your business and the average number of people on payroll over the past year.
• Your business’s sales or receipts. The SBA asks for your business’s sales or receipts before taxes for the past three years.

Documents you need

Your business and its affiliates must provide founding documents, depending on the legal structure:

You might also need the following documents, if applicable:

• Stock option agreements
• Collateral agreements on a business loan backed by stock
• Proof of arrangements if any trusts or voting trusts own stock in your business
• Agreements for any pending mergers or sales of your business’s stock or assets
• Financial records and tax returns for all affiliates
• Past SBA documents that already determined your business’s affiliates

How to fill out SBA Form 355

Got all of your information and documents ready? Follow these instructions to complete SBA Form 355:

Part I: Information relating to businesses only

• Question 1: General information

  This section is where you provide information about your business and what you’re applying for.

  1a: Enter your business’s name and mailing address, including the state and ZIP code.

  1b: Enter your contact information, including your name, phone number, fax number, email address and the company’s DUNS number.

  1c: Enter the county where your business is located, and check whether or not your business is located in a Labor Surplus Area.

  1d: Check the the box next to the type of funding you’re applying for. If you’re applying for a standard SBA 7(a) loan, check Business Loan.

  1e: Enter the date your business was established.

  1f: Enter the NAICS code of the primary industry your business operates in.

  1g: If the SBA hasn’t already taken a formal look at your business’s size, check No and move on to question 2. Otherwise, check Yes and provide the name of the SBA Government Contracting Area Office, date your application was reviewed, name of the federal contracting agency and name and phone number of the officer who handled your application.

  

• Question 2: Products and services

  List all of your business’s major products and services, including the following information for each:

  • Name
  • NAICS code for the industry it falls under
  • Percentage of sales or receipts it counted for during the last fiscal year
  • How much you made in sales from it during the last fiscal year

  Don’t have enough room? You can attach an additional sheet to continue your list.

  

• Question 3: Do you own a franchise?

  If your business is a franchise, check Yes and attach a copy of the agreement. Otherwise, check No.

  

• Question 4: Business owners, stockholders and partners

  List the names, addresses and percentages of ownership in the company for all business owners, primary stockholders, partners and other members of your organization.

  

• Question 5: High-level employees

  List the names, addresses and titles for all officers in your company, including the CEO, COO, CFO and secretary.

  

• Question 6: Board of directors

  If you don’t own a corporation, skip this question. Otherwise, list the names and addresses of the members of your business’s board of directors.

  

• Question 7: Stocks

  7a: Check Yes if your business has any stock options available and the person or concern holding the options on an attached piece of paper. Otherwise, check No.

  7b: Check Yes if your business has ever put up stock as collateral and attach documents detailing that agreement. Otherwise, check No.

  7c: Check Yes if any trusts or voting trusts hold stock in your business and attach documents detailing the arrangements. Otherwise, check No.

  

• Question 8: Pending sales or mergers

  Check Yes if your business has agreed to a merger or is about to sell any of its stocks or assets. Attach any relevant documents about the sale or merger. If not, check No.

  

• Question 9: Affiliations with other businesses

  9a: Check Yes if anyone listed in questions 4 through 6 is also involved in another business as a:

  • Partner
  • Owner
  • Director
  • Officer
  • Member
  • Employee
  • Principal stockholder

  Otherwise, check No and move on to question 10.

  9b: Complete the table with the person’s name, affiliated business’s name and address, position held with the affiliate and percentage of ownership they have in that business.

  

Part II: Information relating to employee-based size standards

• Question 10: Number of employees

  10a: Enter the number of employees currently working at your company.

  10b: Enter the average number of employees your company had on its payroll over the past year — including individuals who only showed up for one pay period.

  

Part III: Information relating to revenue-based size standards

• Question 11: Federal year ending tax date

  Enter the date your business considers the end of the fiscal year for US tax purposes — this is generally not December 31. Consult your business’s tax returns from last year if you aren’t sure.

  

• Question 12: Gross sales or receipts

  List your business’s sales or receipts before taxes for the past three years. Add them up and enter them under Total.

  If you’re applying for an SBA disaster loan, use the three years before the disaster occurred.

  

Part IV. Information about affiliates

• Question 13: Domestic and foreign affiliates

  If you don’t have enough room in the form to complete the following sections, attach another sheet with a continued list.

  13a: Enter the following information about your affiliates:

  • Company name
  • Mailing address
  • Percentage of ownership interest your business has in the affiliate
  • Percentage of ownership interest the affiliate has in itself
  • NAICS code for the main product or service it provides

  13b: Provide the following information about partners, owners, directors, members and principal stockholders of each affiliate:

  • Name and address
  • Position held
  • Percentage of voting stock they own in the company

  13c: List the number of employees in each company, attaching a separate sheet continuing your answer if needed.

  13d: For each affiliate, list its annual revenue before taxes for the past three years. If you’re applying for a disaster loan, count the three years before the disaster took place. Then add up the annual sales for each business and enter the totals.

  

• Question 14: Affiliate affiliations

  14a: If none of the people you listed for 13b are also owners, partners, members, directors or principal stockholders in another company, check No and move on to Part V. Otherwise, check Yes and continue on to 14b.

  14b: Provide the following information about those that 14a applies to:

  • Name
  • Name and address of the third company
  • Position held in the third company
  • Percentage of shares they own in the third company

  

Part V: Information about alleged, acknowledged or possible affiliates of business

This part consists of a series of yes or no questions that you generally don’t need to answer if you’re simply applying for an SBA loan.

You only need to answer questions 15 to 22 if you’re requested to by the SBA or are contesting your business’s affiliation with another company. And you only need to complete questions 23 to 28 if you’re applying for an SBA contract assistance program — not an SBA loan.

If you’re required to complete this section, attach a separate sheet of paper explaining any questions you answer Yes to.

Certification

After completing and reviewing your answers, certify your application on the second page by signing it and entering your name, title, the name of your company and the date. Typically, the SBA prefers it when you write dates as mm-dd-yyyy, though it doesn’t specify on this form.

Where do I submit SBA Form 355?

Send your completed Form 355 to the SBA Government Contracting Area Office closest to your business’s headquarters:

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Bottom line

Not all small businesses need to fill out Form 355 when applying for an SBA loan. But if yours does, be prepared to spend some serious time on it. The SBA estimates that it might take up to four hours per question — as much as 112 hours. To avoid making mistakes, consult an expert before you submit it to your local office.

Want to learn more about how SBA loans work? Check out our guide or compare your other business loan options.

Frequently asked questions

• Do I have to operate in a Labor Surplus Area to qualify for an SBA loan?

  You don’t. However, being located in a Labor Surplus Area can help your application — the SBA allows businesses to be 25% larger if you’re in a designated area.

• Who can I contact with questions when filling out SBA Form 355?

  You can reach out to your lender or your local SBA Government Contracting Area Office if you have any questions about the application.

• What revenue information do I submit if my business or affiliate business hasn't been around for three years?

  Use this formula to calculate the total if your business or an affiliate business has been around for less than three years:

  1. Add up the total receipts or sales for the time you’ve been in business.
  2. Divide the total by the number of weeks you’ve been in business.
  3. Multiple the result by 52.