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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.
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.
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.
The hardest part about filling out SBA Form 355 might be compiling all of the information and documents you need to get started.
Make sure you have the following information on-hand before you get started:
Like small businesses, the SBA has a specific definition of what an affiliate is. Generally, it’s any business that has control over another business. This can include the following types of relationships:
However, the definition of an affiliate can get tricky. You might want to hire an expert or consult with your lender to make sure you’re including all required businesses.
Your business and its affiliates must provide founding documents, depending on the legal structure:
Business structure | Required founding documents |
---|---|
Corporation |
|
Partnership |
|
Limited liability company (LLC) |
|
Franchise |
|
You might also need the following documents, if applicable:
Got all of your information and documents ready? Follow these instructions to complete SBA Form 355:
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.
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.
Making a mistake on this form could come with serious consequences. You could face a fine of up to $500,000, 10 years of jail time or both if you purposely or mistakenly misrepresent your business on Form 355. It might be worth having a partner, lawyer or your lender read over your application after you complete it to make sure there are no mistakes.
Send your completed Form 355 to the SBA Government Contracting Area Office closest to your business’s headquarters:
Area number | States served | Mailing address |
---|---|---|
Area I | Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island, Vermont, Puerto Rico and US Virgin Islands | Office of Government Contracting Boston Area Office US Small Business Administration 10 Causeway Street Room 265 Boston, MA 02222 |
Area II | Delaware, Maryland, Pennsylvania, Virginia, West Virginia and Washington, DC | Office of Government Contracting Philadelphia Area Office US Small Business Administration Parkview Tower 1150 First Avenue, Suite 1001 King of Prussia, PA 19406 |
Area III | Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee | Office of Government Contracting Atlanta Area Office US Small Business Administration 233 Peachtree Street, NE Suite 1805 Atlanta, GA 30309 |
Area IV | Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin | Office of Government Contracting Chicago Area Office US Small Business Administration 500 West Madison Street Suite 1250 Chicago, IL 60661 |
Area V | Arkansas, Colorado, Lousiana, New Mexico, Oklahoma and Texas | Office Government Contracting Dallas Area Office US Small Business Administration 4300 Amon Carter Boulevard Suite 116 Fort Worth, TX 76155 |
Area VI | Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, Wyoming and Guam | Office of Government Contracting San Francisco Area Office US Small Business Administration 455 Market Street 6th Floor San Francisco, CA 94105 |
Many SBA loan providers help with the paperwork and take care of submitting necessary documentation on your behalf.
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.
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