Although there is no extensive discussion in the SBA’s Standard Operating Procedure 50 10 7.1 (SOP) regarding borrower’s compliance with business license requirements, the SOP does make it…
A deferment is a way by which a lender can temporarily reduce monthly payment amounts or completely suspend said payments for a brief period of time. When used…
On May 9, 2023, the SBA issued Procedural Notice 5000-846607 (“SBA Notice”) that revised the guidelines in the SOP 50 10 6 pertaining to equity injection requirements. These…
When U.S. Small Business Administration (“SBA”) loan proceeds are used to finance the acquisition of commercial real estate, a title policy is obtained to protect the interests of the bank…
SBA lenders often take a security interest in all available fixed assets, including real estate owned by the applicant or guarantor, for certain loans, which may include a lien on…
Oftentimes, SBA loan proceeds are used to refinance business debt or finance the acquisition of business assets. When navigating these types of transactions, one of the most common pitfalls for…
