If you Owe more than $30,000 contact us for a case evaluation at (833) 428-0937
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SBA Loans Explained - The 7(a) Loan

If you obtain an SBA loan - specifically a 7(a) loan, you can use the loan proceeds to help finance a great variety of business expenses.

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SBA Loans Explained - The 7(a) Loan

If you obtain an SBA loan - specifically a  7(a) loan, you can use the loan proceeds to help finance a great variety of business expenses. However, there are a few restrictions. For instance, loan funds can’t be used to purchase an asset to maintain  for its potential increased value or to reimburse an owner for the money they previously put into their business.

Basic uses for 7(a) loan proceeds include:

  • To  pay operational expenses, accounts payable and/or to purchase inventory;
  • To pay contract performance, construction financing and exporting;
  • To purchase equipment, machinery, furniture, fixtures, supplies or materials;
  • To purchase real estate, including land and buildings;
  • To construct a new building or renovate an existing building;
  • To establish a new business or assist in the acquisition, operation or expansion of an existing business;
  • To refinance existing business debt, under certain conditions.

This video explains the 7(a) loan more. If you're in default on your 7(a) loan or are in danger of defaulting you need to contact an SBA attorney immediately.  Get a case evaluation here or call 888-756-9969. Don't face the SBA alone, get qualified SBA assistance from an SBA attorney today.

https://www.youtube.com/watch?v=TPNnRVgLSBs

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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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$58,000 SBA 7A LOAN - AWG HEARING DEFENSE

$58,000 SBA 7A LOAN - AWG HEARING DEFENSE

Client personally guaranteed SBA 7(a) loan balance of $58,000.  Client received Notice of Intent to initiate Administrative Wage Garnishment (AWG) Proceedings.  We represented client at the Hearing and successfully defeated the AWG Order based on several legal and equitable grounds.

$750,000 SBA 504 LOAN - NEGOTIATED TERM REPAYMENT AGREEMENT

$750,000 SBA 504 LOAN - NEGOTIATED TERM REPAYMENT AGREEMENT

Clients personally guaranteed SBA 504 loan balance of $750,000.  Clients also pledged the business’s equipment/inventory and their home as additional collateral.  Clients had agreed to a voluntary sale of their home to pay down the balance.  We intervened and rejected the proposed home sale.  Instead, we negotiated an acceptable term repayment agreement and release of lien on the home.

$300,000 SBA 7A LOAN - SBA OIC TERM SETTLEMENT

$300,000 SBA 7A LOAN - SBA OIC TERM SETTLEMENT

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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