Protect Law Group is committed to resolving your SBA loan default problems. Our experienced attorneys can help you through the SBA loan default process with an SBA offer in compromise, administrative wage garnishment defense, or other SBA loan forgiveness processes.
SBA head, Maria Contreras-Sweet, issued her final report as she will be replaced with the new Trump administration. You can down load the report here: sba-exit-memo
Contreras-Sweet noted that early in the financial crisis crisis, SBA fought to protect small businesses from the worst of the downturn. As the economy rebounded, SBA worked to ensure that small businesses continued to share in that recovery. She noted that the SBA focused on four areas:
1. Improving access to capital by modernizing our programs and systems.
2. Expanding opportunities for entrepreneurs from every corner of our nation.
3. Improving support structures for entrepreneurs and catalyzing high-growth, high-impact startups.
4. Broadening access to global markets through exporting.
Since 2009, Contreras-Sweet noted, the SBA guaranteed $179 billion in small business loans, more than any other administration in history. Annual SBA lending in the largest programs was up more than 160 percent since the depths of the recession according to the memo.
The number of SBA loan defaults spiked during the recession, however. In 2004 the default rate was 2.4% but rocketed to nearly 12% by 2009. Former business owner continue to feel the pressure of SBA loan defaults, which occurred during the recession. No statute of limitations exists as to the government's ability to collect on SBA loan defaults and, therefore, even a default that occurred in 2009, for example, remains subject to government collection.
The incoming SBA administrator will face better economic conditions going forward but the results of the recession on SBA loan guarantors will continue.
If you are facing an SBA loan default, contact us at 1-888-756-9969 for a FREE initial consultation. Protect Law Group has helped debtors throughout the United States settle their SBA debt.
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 personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
Clients personally guaranteed 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 home as additional collateral. SBA OIC accepted for $87,000 with full release of lien against home.
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