Sba Eidl Loan Rules In Broward

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

Description

The Assumption Agreement document facilitates the transfer of responsibility for a Small Business Administration (SBA) loan from the Borrower to a new party, the Assumptor. Under the SBA EIDL loan rules in Broward, this form allows the Assumptor to assume the payments and obligations originally held by the Borrower. Key features include the requirement for both the Borrower and Assumptor to obtain SBA's consent for the assumption of the loan, ensuring that the Borrower's original obligations remain intact despite the assumption. Filling out this form involves providing specific details about the loan, including the principal amount, dates, and the parties involved. Users should ensure the agreement is notarized, complying with local regulations. This form is particularly useful for attorneys and legal professionals who guide clients through the complexities of loan assumptions, as well as for business owners needing to transfer loan obligations effectively. Paralegals and legal assistants can benefit from understanding the form's requirements to assist in preparation and ensure all parties comply with the SBA's stipulations.