The Equal Credit Opportunity Act (ECOA), implemented by the Regulation B as documented in 12 CFR Part 1002, underscores the congressional determination that consumers and businesses should receive…
The general rule is that a purchaser of a business is not liable for seller’s legal obligations unless those obligations are expressly assumed by the purchaser in the…
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…