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.
Eidl Loan Assumption With Purchase Agreement In Alameda
Category:
State:
Multi-State
County:
Alameda
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
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FAQ
All loans insured by the SBA require a personal guarantee from every owner with a 20 percent or greater equity stake in the business.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
When seeking a lien release, borrowers should approach the SBA with a well-prepared case that highlights the equity in their assets and the potential for a fair settlement. It is essential to gather documentation and evidence that supports your position and demonstrate your willingness to resolve the debt.
As of January 2025, there are no plans to forgive outstanding SBA EIDL loans.
A debt assumption involves two simultaneous transactions; the first transaction cancels the original debtor's obligation, and the second transaction creates a new debt contract between the creditor and the new debtor, or assumer.
Assumption of liability refers to a situation where an individual or organization agrees to take on the legal responsibilities and risks associated with a certain action, transaction, or contract.