SBA Loan Default: 6 Things You Should Know
Are you concerned with what to do in the event of an SBA loan default? Then read about some things you'll need to consider when defaulting on an SBA loan.
Protect Law Group, a team of SBA attorneys, serves clients throughout the United States specializing in debt relief for SBA loans. When it comes to finding top-quality debt relief for your small business, you want a team that’s experienced in the nuances of SBA loans. See what sets Protect Law Group apart from other firms in the industry and contact us to get started today!
One of the key factors that make Protect Law Group different from other firms is our strong track record of success. Over the years, our SBA attorneys have helped countless individuals and small businesses overcome their SBA loan issues, negotiate with the SBA, and settle debts. With our experienced attorneys, Protect Law Group has become a go-to firm for any small business looking for SBA loan default problems or debt recovery solutions.
Another factor that sets Protect Law Group apart is our ability to resolve millions of dollars in debt for our clients. We work closely with the SBA and lenders to negotiate settlements and payment plans that are manageable for our clients. This not only helps small businesses get out of debt but also helps to improve their business!
During this evaluation, our team will review your SBA loan situation and offer paths of potential resolution. We believe that this helps clients understand their options and make informed decisions about how to proceed. Additionally, this consultation ensures that clients have a clear understanding of what to expect from the firm before engaging in our services.
Protect Law Group has a team of experienced SBA attorneys that work closely with our clients to help them overcome their SBA loan default. Whether you need help with SBA loan negotiation, SBA debt relief, or other debt recovery solutions for your small business, Protect Law Group is a reliable and trustworthy choice. We proudly serve clients throughout the United States. Contact us today to schedule a consultation and take the first step toward a brighter financial future!
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 7(a) loan balance of over $150,000. Business failed and eventually shut down. SBA then pursued client for the balance. We intervened and was able to present an SBA OIC that was accepted for $30,000.
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.
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.