If you Owe more than $30,000 contact us for a case evaluation at (833) 428-0937
contact us for a free case evaluation at (833) 428-0937
Call us (833) 428-0937

Anatomy of SBA Loan Default: What You Need to Know

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Anatomy of SBA Loan Default: What You Need to Know

You're not alone if you are facing an SBA loan default. In fact, over the past few decades, SBA loan defaults have added up to almost $3.5 billion. Protect Law Group is a SBA debt resolution law firm that helps small business owners facing SBA loan default. Below, we'll go over what you need to know if this is you. Contact us for a free consultation today!

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Understand the SBA Loan Default Collection Process

It's crucial that you understand the SBA loan default collection process so that you can come to terms with your lender. First, the SBA will send you a 60-day demand letter. This is a letter that states you have 60 days to arrange for payment before it goes to collection.

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SBA Loan Settlement

Of course, you want to respond to your lenders and be willing to work with them in order to ensure you don't lose everything. An SBA offer in compromise is available for those businesses that are no longer in operation and that have sold all of their assets in an attempt to pay down their debt. An offer in compromise is settlement.

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SBA Loan Forgiveness

Your offer in compromise may be accepted or rejected, whereby you can submit another offer. The SBA or your lender may forgive all or part of your debt, which, for many, is ideal.

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Don't Go It Alone

With so much at stake, especially if you've put up your home as collateral, it's crucial that you partner with a top-rated SBA loan default attorney who understands the laws and can work to ensure you have the most favorable terms possible. Protect Law Group offers SBA loan services. Learn more today.

CONTACT OUR SBA LAWYERS TODAY

When dealing with the federal government that has an unlimited amount of time and money on their hands to collect the debt you owe, you need an expert in your corner who can fight back. Call Protect Law Group and our SBA attorneys today!

Why Hire Us to Help You with Your Treasury or SBA Debt Problems?

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Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure

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Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements

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Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.

$150,000 SBA 7A LOAN - SBA OIC CASH SETTLEMENT

$150,000 SBA 7A LOAN - SBA OIC CASH SETTLEMENT

Client personally guaranteed SBA 7(a) loan balance of over $150,000.  Business failed and eventually shut down.  SBA then pursued client for the balance.  We intervened and was able to present an SBA OIC that was accepted for $30,000.

$337,000 SBA 504 LOAN - SBA OIC CASH SETTLEMENT

$337,000 SBA 504 LOAN - SBA OIC CASH SETTLEMENT

Clients personally guaranteed an SBA 504 loan balance of $337,000.  The Third Party Lender had obtained a Judgment against the clients.  We represented clients before the SBA and negotiated an SBA OIC that was accepted for $30,000.

$150,000 SBA 7A LOAN - NEGOTIATED STRUCTURED WORKOUT AGREEMENT

$150,000 SBA 7A LOAN - NEGOTIATED STRUCTURED WORKOUT AGREEMENT

Client personally guaranteed SBA 7(a) loan for $150,000. COVID-19 caused the business to fail, and the loan went into default with a balance of $133,000. Client initially hired a non-attorney consultant to negotiate an OIC. The SBA summarily rejected the ineligible OIC and the debt was referred to Treasury’sBureau of Fiscal Service for enforced collection in the debt amount of $195,000. We were hired to intervene and initiated discovery for SBA and Fiscal Service records. We were able to recall the case from Fiscal Service back to the SBA. We then negotiated a structured workout with favorable terms that saves the client approximately $198,000 over the agreed-upon workout term by waiving contractual and statutory administrative fees, collection costs, penalties, and interest.

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