SBA Workouts: Option To SBA OIC To Settle SBA Debt
Dealing with an SBA OIC case can be hard. This is why you should allow our lawyers to settle SBA debt for you. Contact us about your SBA loan default.
Many small businesses rely on SBA loans, or Small Business Administration loans, in order to get off the ground, provide funding for expansion costs, and help with working capital needs. SBA loans are backed by the federal government, making them very popular amongst small business owners. Protect Law Group is a SBA debt resolution attorney. Below, we'll offer tips to repay your SBA loan. Get in touch today!
The first step to repaying your SBA loan is to ensure you understand the terms of your loan. This includes knowing when your payment is due each month, the payment amount, and the methods of payment accepted by your lender.
One of the worst things you can do is ghost your SBA lender if you can't pay. This sends a message that you have no intentions of paying and will make them less likely to work with you on future loan payments.
Business owners are busy people, trying to run their business, make payroll, and stay compliant with all applicable laws. By setting up automatic payments for your SBA loan, you can rest assured you won't miss a payment and fall behind or incur late fees.
If you are struggling to make your SBA loan payments, one great option is to see if you qualify for a business loan refinance. This is a great way to possibly lower your interest rate and your payment amount, helping to make on-time payments moving forward.
Protect Law Group is a California-based SBA attorney law firm that is passionate about helping small business owners with their SBA loan default status. If you need help with your SBA loans, get in touch 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.
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.
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.
The client personally guaranteed an SBA 7(a) loan for $150,000. His business revenue decreased significantly causing default and an accelerated balance of $143,000. The client received the SBA's Official 60-day notice with the debt scheduled for referral to the Treasury’s Bureau of Fiscal Service for aggressive collection in less than 26 days. We were hired to represent him, respond to the SBA's Official 60-day notice, and prevent enforced collection by the Treasury and the Department of Justice. We successfully negotiated a structured workout with an extended maturity date that included a reduction of the 14% interest rate and removal of substantial collection fees (30% of the loan balance), effectively saving the client over $242,000.
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