Sba Loan Agreement Without Interest In Massachusetts
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The SBA loan agreement without interest in Massachusetts is a legal document facilitating the assumption of loan obligations by a new party, known as the Assumptor. This form is crucial for businesses and individuals intending to take over the financial responsibilities associated with loans obtained under the Small Business Administration. Key features of the agreement include the clear definition of obligations, protection of the original Borrower from liability after the transfer, and specific conditions for asset disposition that require SBA consent. Users are instructed to fill in specific details such as amounts, dates, and parties involved, ensuring accuracy is maintained throughout the process. This document serves attorneys and legal professionals by providing a structured mechanism for managing client loans and their transfers. Additionally, it is valuable for partners, owners, and associates who may be involved in business mergers or acquisitions involving SBA financing. Paralegals and legal assistants may utilize this form to streamline the documentation process, ensuring compliance with legal requirements while aiding in the smooth transition of loan obligations.
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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.
