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.
Small business and guarantors obtained an SBA COVID-EIDL loan for $1,000,000. Clients defaulted causing SBA to charge-off the loan, accelerate the balance and refer the debt to Treasury's Bureau of Fiscal Service for collection. Treasury added nearly $500,000 in collection fees totaling $1,500,000. Clients were served with the SBA's Official 60-Day Notice and exercised the Repayment option by applying for the SBA’s Hardship Accommodation Plan. However, their application was summarily rejected by the SBA without providing any meaningful reasons. Clients hired the Firm to represent them against the SBA, Treasury and a Private Collection Agency. After securing government records through discovery, we filed an Appeals Petition with the SBA Office of Hearings & Appeals (OHA) court challenging the SBA's referral of the debt to Treasury. During litigation and before the OHA court issued a final Decision and Order, the Firm successfully negotiated a reinstatement and recall of the loan back to the SBA, a modification of the original repayment terms, termination of Treasury's enforced collection and removal of the statutory collection fees.
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.
Clients personally guaranteed SBA 7(a) loan balance of over $300,000. Clients also pledged their homes as additional collateral. SBA OIC accepted $87,000 with the full lien release against the home.
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