It has been decided that informal communications, such a instant message (“IM”), can modify a signed contract. A Florida Court, applying Delaware law, held that an IM effectively amended a…
The SBA Export Express Program provides for a maximum loan or line of credit amount of $500,000.00 with a 90% guaranty for loans of $350,000 or less and 75% guaranty…
The Small Business Administration (the “SBA”) generally expects lenders to obtain a policy of title insurance for primary collateral real property where SBA loan proceeds are being used to purchase…
As stated in the SBA Standard Operating Procedures (SOP), if the purchase price of a business includes intangible assets in excess of $500,000, the borrower (or seller, in the form…
SBA Lenders often wonder about what public records searches they must order as part of their due diligence when processing an SBA loan. Unfortunately, the SBA does not specify any…
Financing change of ownership transactions can present several unique challenges for lenders that are not part of loans for refinances or startups. From determining what searches are required to ensure…