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 Guarantee Agreement Form 750 In Florida
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
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.
Interest rates for 7(a) loans are negotiated between the borrower and the lender, but are subject to SBA maximums, which are pegged to the prime rate or an optional peg rate. Interest rates may be fixed or variable.
Benefits of SBA-guaranteed loans Unique benefits: Lower down payments, flexible overhead requirements, and no collateral needed for some loans.
Guaranteed Investment Certificates (GICs) and term deposits are secured investments. This means that you get back the amount you invest at the end of your term.
How to fill out SBA form 413 Provide basic business information. Report your assets. Report your liabilities. List your source of income and contingent liabilities to complete section 1. Detail your notes payable to banks and others in section 2. Detail the status of your stocks and bonds for section 3.
Individuals who own 20% or more of a small business applicant must provide an unlimited personal guaranty. SBA Lenders may use this form.