Another option to sell a business with an SBA loan is for the buyer to assume the loan. SBA loans are fully assumable with SBA approval.Assumption of Loan Requirement Letter. Assumption of Loan Requirement Letter for disaster loan servicing action request packages. Lenders want a new buyer to either (1) apply, qualify, and pay fees to assume the existing loan or (2) get a new loan. This Addendum is used in conjunction with the Loan Assumption Addendum if the Seller wants to be released from future liability of the loan. Can An SBA 504 Loan Be Assumed? Many types of loans are not assumable. Signer must have wellestablished credit to help the borrower qualify for the loan. 2. First, the SBA does NOT lend directly to small businesses.