New Proposed Legislation Will Affect SBA Loans and Franchisees
We will analyze your SBA loan problems and advise you on potential solutions such as an SBA offer in compromise for your SBA loan default.
Are you interested in learning more about the various types of SBA Loan Programs? Protect Law Group is here to keep you informed. Learn more today!
Book a Consultation CallNavigating the various Small Business Administration (SBA) loan programs can be a challenging task for many small business owners. These loan programs are designed to provide financial assistance and support to businesses that might otherwise struggle to secure funding. Understanding the different types of SBA loans, eligibility criteria, and application processes is crucial for maximizing the benefits they offer. In this blog, Protect Law Group will explore the key aspects of SBA loans and provide essential tips for businesses seeking financial assistance.
The SBA offers several loan programs to cater to different business needs. The most common types include:
Each SBA loan program has specific eligibility criteria that businesses must meet. Generally, to qualify for an SBA loan, a business must:
Specific programs may have additional requirements, so it's essential to review the criteria for the particular loan you're interested in.
The application process for SBA loans can be complex and time-consuming. It typically involves:
By following these tips and seeking SBA loan help from Protect Law Group, small businesses can improve their chances of securing the financial assistance they need.
Securing an SBA loan can be challenging due to stringent requirements and extensive documentation. Common obstacles include poor credit history, insufficient collateral, and lack of a solid business plan. An SBA loan attorney can provide valuable SBA loan help to overcome these challenges and improve your chances of success.
SBA loans offer several advantages, including lower down payments, longer repayment terms, and lower interest rates compared to traditional loans. These benefits can significantly improve a business's cash flow and financial stability.
An SBA loan attorney can be an invaluable resource in this journey, helping you navigate the complexities and achieve your business goals. Contact Protect Law Group to get started today!
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
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
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.
Clients' 7(a) loan was referred to Treasury's Bureau of Fiscal Service for enforced collection in 2015. They not only personally guaranteed the loan, but also pledged their primary residence as additional collateral. One of the clients filed for Chapter 7 bankruptcy thinking that it would discharge the SBA 7(a) lien encumbering their home. They later discovered that they were mistakenly advised. The Firm was subsequently hired to review their case and defend against a series of collection actions. Eventually, we were able to negotiate a structured workout for $180,000 directly with the SBA, saving them approximately $250,000 (by reducing the default interest rate and removing Treasury's substantial collection fees) and from possible foreclosure.
Our firm successfully resolved an SBA COVID-19 Economic Injury Disaster Loan (EIDL) in the original amount of $150,000 for a Florida-based borrower. The loan, issued on June 4, 2020, was secured by business assets and potential personal liability through the SBA's Security Agreement.
Following the permanent closure of the business, we guided the client through the SBA’s Business Closure Review process and prepared a comprehensive collateral analysis. We negotiated directly with the SBA, obtaining a full release of the business collateral for $2,910 — satisfying the borrower’s obligations under the Security Agreement and eliminating any further enforcement risk against the pledged assets.
Our firm successfully assisted a client in closing an SBA Disaster Loan tied to a COVID-19 Economic Injury Disaster Loan (EIDL). The borrower obtained an EIDL loan of $153,800, but due to the prolonged economic impact of the COVID-19 pandemic, the business was unable to recover and ultimately closed.
As part of the business closure review and audit, we worked closely with the SBA to negotiate a resolution. The borrower was required to pay only $1,625 to release the remaining collateral, effectively closing the matter without further financial liability for the owner/officer.
This case highlights the importance of strategic negotiations when dealing with SBA settlements, particularly for businesses that have shut down due to unforeseen economic challenges. If you or your business are struggling with SBA loan debt, we focus on SBA Offer in Compromise (SBA OIC) solutions to help settle outstanding obligations efficiently.
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