If you Owe more than $30,000 contact us for a free case evaluation at (833) 428-0937
contact us for a free case evaluation at (833) 428-0937
Call us (833) 428-0937

SBA Microloans Available Online

If you have questions about any SBA related issues, including the tax offset program, SBA loan foreclosure, or responding to an SBA demand letter, call us.

Book a Free Consultation Call

SBA Microloans Available Online

If you would like to know more about issues that pertain to SBA problems, contact the lawyers in our office. You will be helped with topics like the tax offset program, SBA loan foreclosure, and what to do in response to an SBA demand letter.

The attorneys in our office want to help you figure out your SBA problem.  No matter how difficult your circumstances may seem, the right lawyer can assist you.  We understand that you probably have questions regarding a wide range of issues, including how to respond to an SBA demand letter, what SBA loan foreclosure actually entails, and what a tax offset program is.  One of our attorney specialists can tell you about all of these topics and more.

In recent SBA news, Golden Pacific Bank launched an automated nationwide program to make Small Business Administration microloans using their the  Smartbizloan.com loan portal.  The portal allows small businesses to apply for SBA loans as small as $5,000, which is an amount too small for most banks to consider.

The borrower fills out the online form and verifies to the lender that the bank may pull financial, tax and credit records on the company. The automated program compiles the data and grades the loan. A bank loan committee still oversees final approvals.

A loan that gets approved can be funded in days, she said. The bank is an SBA preferred lender, which means it can approve its own loans.

The loans can be as small as $5,000 and as high as $150,000 and bank officials identifying the sweet spot being under $25,000. If you are looking for a loan over $25,000 you will be required to pledge collateral.  The term of the loan is 10 years, but as with all SBA loans, there is no penalty for early pre-payment.

In a pilot program since the end of last year, the SBA SmartBiz loan has funded $1 million so far through about 60 loans.

Borrowers have been across the country and in all kinds of business including loans to manufacturers of wild bird feed and yoga clothes to bookkeepers and other professionals.

The loan cannot be used to launch a business. The business seeking the loan has to have been in business with financial records for at least a year.

These mircoloans are the size of loan that many banks don’t want to make, as it takes as much time as it does to make a larger loan, and yet it offers very little income to the bank.

Many businesses that need small amounts of money end up using credit cards, but credit cards do not build up a credit profile and they are expensive.

If you have any questions about related to the Department of Treasury's tax offset program, SBA loan foreclosure, or how to respond to an SBA demand letter, please contact us at 888-756-9969 for a FREE case evaluation.

Why Hire Us to Help You with Your Treasury or SBA Debt Problems?

construction accident injury lawyer

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

slip and fall attorney

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

truck accident injury attorney

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.

$220,000 SBA 7A LOAN -DOT WAIVER OF ADMINISTRATIVE FEES & COSTS

$220,000 SBA 7A LOAN -DOT WAIVER OF ADMINISTRATIVE FEES & COSTS

Clients personally guaranteed an SBA 7(a) loan that was referred to the Department of Treasury for collection.  Treasury claimed our clients owed over $220,000 once it added its statutory collection fees and interest.  We were able to negotiate a significant reduction of the total claimed amount from $220,000 to $119,000, saving the clients over $100,000 by arguing for a waiver of the statutory 28%-30% administrative fees and costs.

$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.

$1,200,000 SBA 7A LOAN - SBA OHA LITIGATION

$1,200,000 SBA 7A LOAN - SBA OHA LITIGATION

Client personally guaranteed an SBA 7(a) loan to help with a relative’s new business venture.  After the business failed, Treasury was able to secure a recurring Treasury Offset Program (TOP) levy against our client’s monthly Social Security Benefits based on the claim that he owed over $1.2 million dollars.  We initially submitted a Cross-Servicing Dispute, but then, prepared and filed an Appeals Petition with the SBA Office of Hearings and Appeals (SBA OHA).  As a result of our efforts, we were able to convince the SBA to not only terminate the claimed debt of $1.2 million dollars against our client (without him having to file bankruptcy), but also refund the past recurring amounts that were offset from his Social Security Benefits in connection with the TOP levy.

Read more Case Results

Related Content

Read more sba debt articles