Sba Eidl Loan Requirements In Washington

• Category: Small Business - Loans and Lending
• State: Multi-State
• Control #: US-00193
• Format: Word; Rich Text

Description

The document is an Assumption Agreement relevant to the SBA EIDL loan requirements in Washington. This form outlines the process by which a 'Borrower' can transfer their obligations under an SBA loan to a third party, referred to as the 'Assumptor.' Key features of the agreement include the condition that the Assumptor must fulfill all obligations previously set by the Borrower and the requirement for SBA's consent to the assumption. It also specifies that the Borrower remains liable even after the assumption, ensuring that SBA can pursue them if obligations are not met. The instructions for filling out the form stress the necessity of accurate completion to reflect the details of the indebtedness, including the principal amount and any relevant dates. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this document essential in facilitating the transfer of loan obligations, ensuring compliance with SBA regulations, and protecting the interests of all parties involved. It is particularly useful for legal professionals dealing with real estate transactions or business acquisitions where SBA loans are involved.