What is SBA Form 4506-C (Tax Transcript Request)?
The Short Answer
SBA Form 4506-C (Tax Transcript Request) explained simply
SBA Form 4506-C is a standard document used in the SBA loan application process. It gives the lender permission to get your tax returns directly from the IRS. This helps the lender confirm the financial information you provide in your application. It ensures accuracy and reduces the risk for the lender.
Real-World Example
Why a Lender Needs Your 4506-C
Imagine you're applying for an SBA loan to buy a business. The lender asks for your tax returns from the last three years. To make sure the tax returns you provide are accurate and haven't been altered, the lender will also ask you to sign an SBA Form 4506-C. This form allows them to get official copies of those same tax returns directly from the IRS. It's a way for them to cross-check your financial history.
Why this matters
This form is important because it builds trust with your lender. By allowing them to get your tax information directly from the IRS, you show transparency. This can speed up the loan approval process and increase your chances of getting the funding you need.
Make sure the information on your 4506-C matches your loan application exactly. Any discrepancies can cause delays or even rejection of your loan.
Make sure the information on your 4506-C matches your loan application exactly. Any discrepancies can cause delays or even rejection of your loan.
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