This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Sba Loan Agreement With Guarantor In Alameda
Category:
State:
Multi-State
County:
Alameda
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
The Stand-by Arrangement (SBA) provides short-term financial assistance to countries facing balance of payments problems. Historically, it has been the IMF lending instrument most used by advanced and emerging market countries.
Small Business Administration (SBA)
SBA's mission is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns." It also is charged with ensuring that small businesses earn a "fair proportion" of government contracts and sales of surplus property.
Individuals who own 20% or more of a small business applicant must provide an unlimited personal guaranty. SBA Lenders may use this form.
The inflation adjustment increases the size standard's level for tangible net worth to $20 million and for net income to $6.5 million. SBA is also adopting, as proposed, the inflation-adjusted thresholds applicable to the statutory ( print page 11707) limits for contract size under the SBG Program.
Pursuant to 13 CFR § 120.160(a), all SBA 7(a) loans must be guaranteed by at least one person or entity. Generally, guarantees are required of any individual or entity who owns 20% or more of a borrower entity.
In the November 2022 rule, SBA increased these thresholds for inflation. Currently, the net worth of an economically disadvantaged individual must be less than $850,000 (13 CFR 124.104(c)(2)), Income (AGI) (13 CFR 124.104(c)(3)) must be less than $400,000, and Total Assets (13 CFR 124.104(c)(4)) less than $6.5 million.