Fortunately, a number of online lenders are giving banks a run for their money (and clients) by working directly with small business owners. In many cases, online banks make the lending process more convenient, with quicker turnaround, more transparent terms, and more flexible lending criteria. However, be aware that you’ll likely be getting a higher APR if you choose one of these lenders.
I had a SBA loan in 2009, due to economical and hardship situations I couldn’t pay it and I close the business. I finally decided to file for Bankruptcy Chapter 7 last year (2012) and my case was discharged. I recently filed my taxes and I received a letter from IRS stating that SBA is garnishing my money. What should I do? Thank you in advance for your advice.
We just settled an SBA loan default for an LLC and received a 1099 C cancellation of debt in the mail addressed to the LLC which was defunct in 2009. I do not file a business return anymore since it was closed and all assets were liquidated. Where do not know where to report this this cancelation of debt amount. We only file personal returns now. Is this cancelation amount something we report to the IRS?
We had to close our business and had an sba loan. We have made a deal with the bank to make $800/mo payments for 5 years, then we will see how things have changed, like maybe we had a windfall of $500,000 or some other miracle. We are on year 4.
Getting a business loan is a major hurdle facing small businesses, mainly due to tight lending standards by banks. But obtaining outside financing is often necessary to start or grow a business or cover day-to-day expenses, including payroll and inventory.
Though I focus on online lenders in my analysis above, you should evaluate all your options before committing to a lender. Here are the places you should look when trying to get a small business loan:
I need some information about bankruptcy; I buy commercial property three years ago. I borrow $45,000 loan on that property and $ 50,000 SBA loan. I run that business almost 2 and half year but it’s not going well. Six month ago I sold my property with business, business already transfer to new owner name with lean and he continue paying mortgage and SBA payment. Bank knows I sold my property but SBA don’t know, Now what happen SBA loan if I am going to file bankruptcy,
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 businesses must meet certain criteria to qualify for an SBA loan, including size requirements, financial standing and being in a for-profit industry. SBA loans cannot be made to a small business if the borrower has access to other financing that offers reasonable terms. In addition, a small business must meet the credit qualifications of the lending partner.
Our working capital needs calculator will help you determine how much of a small business loan or line of credit you should apply for to cover working capital needs for the next year. Simply enter your desired annual growth rate, current assets, and current liabilities, and your target current ratio to find out what you need.
If you have derogatory or no credit history, it can take months or even years of positive credit activity to move your SBSS score significantly higher. It’s vital to build your credit and ensure it’s healthy before you need it.
One of the most popular uses of SBA loans is commercial mortgages on buildings occupied or to be occupied by small business. These programs are beneficial to small business because most bank programs frequently require larger down payments and/or have repayment terms requiring borrowers refinance every five years. They can be beneficial to the bank in that banks can reduce by taking a first-lien position for a smaller percentage of the project, then arranging for a SBA Certified Development Company to finance the remainder through a second-lien position.
A crowdfunding site like Kickstarter.com can be a fun and effective way to raise money for a relatively low cost, creative project. You’ll set a goal for how money you’d like to raise over a period of time, say, $1,500 over 40 days. Your friends, family, and strangers then use the site to pledge money. Kickstarter has funded roughly 1,000 projects, from rock albums to documentary films since its launch last year. But keep in mind, this isn’t about long-term funding. Rather, it’s supposed to facilitate the asking for and giving of support for single, one-off ideas. Usually, project-creators offer incentives for pledging, such as if you give a writer $15, you’ll get a book in return. There’s no long-term return on investment for supporters and not even the ability to write off donations for tax purposes. Still, that hasn’t stopped close to 100,000 people from pledging to Kickstarter projects.
Hello i have a LARGE delinquent SBA loan. I was Divorced in 2009 but the judge gave the company to her in the divorce. She ran the company into the ground in 6 months and sold the assets. I have recently became legally disabled and have a large back pay coming to me for about 2 years worth of disability pay. i have not worked in 4 years. will the treasury take it all? what are my options as i cannot afford tooth paste until my pay kicks in later this month.
I have an SBA loan which has been mishandled by the bank. Briefly, my originating bank was absorbed by another. The first bank applied each payment correctly (fixed principle, WSJ interest + 2%) and not a single payment was missed in 7 years. When the new bank took over, they misapplied every payment (keeping up to 75% in interest and not reducing the principle) until I eventually stopped paying. They denied receiving certified mail, they denied ever having heard from me, they would not discuss the problem. I now pay Treasury directly but have incurred a penalty. And I have overpaid 2K to the bank. And they are holding my life insurance hostage (with an assignment to the original bank) and refuse to put in writing that the loan has reverted to Treasury. I am looking to sue for the overpayment and for damages because I’ve been put in an untenable position. I have paperwork to back up everything but limited funds for an attorney. What can I do? The gov’t says I’m on my own. Thanks for any assistance in advance.
There are only two fees: an origination fee ranging from 0.99% to 6.99%, and a flat late payment fee equivalent to 10% of the missed payment. Funding Circle requires annual revenue of more than $150,000 and at least two years in business (one of which must have been profitable). Both business and personal tax returns as well as business bank statements are required to apply (even more documentation is required for loans over $300,000).
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