Sba Eidl Loan Requirements In King

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

Description

The Assumption Agreement facilitates the transfer of liability for a Small Business Administration (SBA) loan from the original borrower to a new party, referred to as the 'Assumptor'. This document outlines the SBA EIDL loan requirements in King, detailing the conditions under which the Assumptor can assume the existing debt. Key features include the need for SBA consent, the obligations of the Assumptor to honor the terms of the original loan and security instruments, as well as potential modifications of those terms. Filling out the form involves entering the original loan amount, the parties involved, and the date of the agreement, with clear instructions on notarization and SBA consent. Target audience members, such as attorneys, partners, owners, associates, paralegals, and legal assistants, will find this form useful for ensuring compliance with SBA regulations while facilitating loan assumption processes. Legal professionals can assist clients in understanding their ongoing obligations and the implications of the agreement, thereby providing effective advocacy and guidance.