Sba Eidl Loan Requirements In Collin

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

Description

The Assumption Agreement outlines the requirements and procedures for assuming an SBA Economic Injury Disaster Loan (EIDL) in Collin. It specifies that a Borrower is indebted to the Small Business Administration, and outlines the process for another party, referred to as the Assumptor, to take over the loan obligations. Key features include the necessity for SBA consent to the assumption, the maintenance of Borrower obligations even after assumption, and conditions under which the debt may become due. Filling out this form requires accurate representation of parties, loan details, and compliance with any necessary modifications made post-assumption. This form is crucial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate or business transactions, providing legal clarity and ensuring adherence to SBA terms. Specifically, it aids in facilitating the transfer of loan obligations, managing compliance risks, and protecting stakeholders’ interests in Collin. The form requires clear documentation and may necessitate notarization to confirm the legitimacy of the parties' intentions.