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What Happens If I Don’t Pay Back An SBA Loan?

If you signed a personal guarantee, the SBA and the federal government will want you to repay the loan. SBA Loan Default The SBA Loan Structure Before we can answer what happens if I don’t pay back an SBA loan, you need to understand your liability.  Businesses use SBA 7a loans for working capital.  A…

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Is There a Statute of Limitations on SBA Loans?

Yes, there is a statute of limitations that applies to defaulted SBA loans.  But the government can still collect from you. Statute of limitations for SBA loan The Federal Government is Limited to a 6 Year Statute of Limitations on Defaulted SBA Loans When your business obtains an SBA loan, you sign a personal guarantee,…

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Can The SBA Garnish Social Security?

Yes, the SBA through the Department of Treasury can garnish your Social Security.  But you do have options to stop the garnishment. SBA Social Security Garnishment The SBA Offset If you have defaulted on an SBA loan and you are a personal guarantor, the SBA, through the Department of Treasury, can garnish your Social Security…

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Is There A Way to Get Out of An SBA Loan?

Whether you have defaulted on an SBA loan or have moved on from your business partners but still remain liable for an SBA loan, options exist for eliminating your debt. Your Liability for an SBA Loan If your business obtained an SBA loan, you more than likely signed a personal guarantee.  This personal guarantee states…

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For Your Business: Should You Consider Small Loans from the SBA?

Financial troubles often arise in small businesses, but the SBA may be able to help. Should you consider small loans? We’ll clarify here. Small Loans One-quarter of all small business owners are unable to access the funding they need to keep their companies afloat. For such entrepreneurs, this is akin to a death sentence for their…

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Signs It Is Time for Your Business to Consider SBA Lending

Is your company growing faster than you can financially keep up with? It might be time to consider SBA lending. Check out these signs it’s time to get the loan. 20% of small businesses in America fail in their first year. A critical contributor to this failure is the lack of adequate funding for operations.…

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