Sba Eidl Loan Rules In Georgia

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

Description

The SBA EIDL loan rules in Georgia are governed by the Small Business Administration's terms for economic injury disaster loans designed to assist businesses affected by substantial economic disruptions. This form, known as the Assumption Agreement, allows a new party (Assumptor) to take over the loan obligations of the original Borrower with SBA's consent. Key features of this form include the transfer of liability, the requirement for written approval from SBA for any subsequent changes to the property ownership, and the stipulation that the original Borrower remains liable for the debt even after the assumption. Filling out the form necessitates careful completion of loan details, personal information of Assumptors, and notarial certification. Legal professionals, including attorneys and paralegals, will find this form essential for facilitating loan transfers in compliance with SBA requirements. It is particularly relevant for businesses considering changes in ownership or partnership structures that involve existing EIDL loans. The form serves to protect the interests of both the SBA and the original Borrower while ensuring that the new Assumptor understands their obligations.