What happens to my SBA loan when my business fails?
So your business is struggling, and you are wondering, what happens to my SBA guaranteed business loan?
What indeed…
Let’s answer that question by first understanding what the SBA guarantee actually means. The guarantee is actually for […]
When obtaining a commercial loan from your bank, your banker may tell you that SBA guaranteed loans are the best thing for your situation. And they may be…but be careful, because they come with many restrictions and hidden dangers. However, by carefully negotiating the terms, and structuring […]
When a struggling small business owner misses a payment on an SBA loan, it is flagged as a troubled loan by the bank. Most of my clients have been diligent about communicating with their bank, so the bank is not really surprised by this event. However, my clients […]
I frequently am asked this question from concerned business owners: “If I default on my SBA loan, and the bank calls the loan, do I have to declare bankruptcy?”
The answer is a resounding “NO!”
Bankruptcy is only necessary in certain situations. Many, if not most, situations of […]
