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You have the right to appeal certain SBA loan review decisions. Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable. Borrowers who need assistance with direct forgiveness can contact SBA at our dedicated forgiveness call center: 877-552-2692.
We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.
8/9/2020 · SBA loans require a personal guarantee from anyone who owns 20% or more of the business applying for the loan. When you sign an SBA loan personal guarantee, you authorize the lender to seize any of your personal assets to repay the loan, if your business assets aren’t sufficient to cover loan payments.
You can use the SBA 7(a) loan for a variety of things, including the purchase of real estate or land, equipment, working capital, refinancing debt, and — of course — buying a business! Because your lender will need to get approval from the SBA to back your loan, the application process and paperwork for an SBA 7(a) loan can be lengthy.
6/7/2020 · What is a subordination agreement, and why does it matter? Refinancing your home comes with its fair share of paperwork. If you have a home equity loan or line of credit, one document may feel particularly daunting: the subordination agreement.