Sba Eidl Loan Rules In Hennepin

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

Description

The document is an Assumption Agreement relating to an SBA EIDL loan, outlining the rights and obligations of the Borrower and the Assumptor in Hennepin. The Assumptor, who has purchased property from the Borrower, agrees to assume the existing SBA loan obligations while the Borrower remains liable for the debt, highlighting key aspects of the SBA EIDL loan rules applicable in the region. Users are instructed to complete specific sections, including principal amounts and dates, and to ensure SBA's consent is obtained for any modifications or transfer of the property. It's essential for Borrowers to understand that their obligations do not diminish with the Assumptor's assumption. This form is particularly useful for legal professionals such as attorneys and paralegals who assist clients in navigating SBA loan agreements. It provides clarity on the process of loan assumption and conditions that must be upheld to comply with SBA regulations, making it a crucial tool for business owners considering property transfers involving existing SBA loans.