Assumption of Loan Requirement Letter for disaster loan servicing action request packages. About this document and download.Proof of ongoing insurance on the collateral with the SBA named as mortgagee must be provided. SBA loans, including the SBA 7(a) loan, are fully assumable with SBA approval. Create an account in the MySBA Loan Portal (lending.sba. Gov) to monitor your loan status or to make payments. It appears that successfully transferring an EIDL loan to another business or finding a unique solution with the SBA is extremely challenging and uncommon. All lenders and CDCs should be cognizant of the loan program requirements for the assumption, assignment, and sale of SBA loans. EIDL loans may only be used for specific types of business expenses. Find out legitimate ways you can use your EIDL loan.