No one really wants to fall behind on their business loans. After all, you made a promise to pay back the money after they were willing to lend it to you. Protect Law Group is a California-based SBA loan default attorney who helps small businesses which are having trouble paying back their SBA loan. Learn the difference between a default and a delinquent when it comes to an SBA loan, and call today for a free consultation!
Delinquent is the lender term given to those who are behind on their SBA loan payments. The small business can be behind by merely one day or months — the name doesn't change. However, being delinquent on your SBA loan means that the lender still believes you will pay the loan back.
When your SBA loan enters the default status, this is when the small business fails to meet the terms in the promissory note agreement or they are shirking other responsibilities of the loan's terms. Ultimately, an SBA default status means that the lender believes you are unable to repay your small business loan back.
If you are merely delinquent on your SBA loan, you can work with your lender to get back on track. Some options include making smaller payments, restructuring the SBA loan for you, and waiving late fees.
For the most part, the federal government wants their money back if your SBA loan enters default status. It's at this point that you should reach out to a top-rated SBA attorney in order to help you resolve the matter favorably with your lender.
Protect Law Group has years of experience in helping those whose SBA loan is in default in the state of California. Reach out to one of our SBA default attorneys for a free consultation 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.
Client personally guaranteed SBA 504 loan balance of $375,000. Debt had been cross-referred to Treasury at the time we got involved with the case. We successfully had debt recalled to the SBA where we then presented an SBA OIC that was accepted for $58,000.
Client personally guaranteed SBA 7(a) loan for $150,000. COVID-19 caused the business to fail, and the loan went into default with a balance of $133,000. Client initially hired a non-attorney consultant to negotiate an OIC. The SBA summarily rejected the ineligible OIC and the debt was referred to Treasury’sBureau of Fiscal Service for enforced collection in the debt amount of $195,000. We were hired to intervene and initiated discovery for SBA and Fiscal Service records. We were able to recall the case from Fiscal Service back to the SBA. We then negotiated a structured workout with favorable terms that saves the client approximately $198,000 over the agreed-upon workout term by waiving contractual and statutory administrative fees, collection costs, penalties, and interest.
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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