Sba Eidl Loan Requirements In Maricopa
Category:
State:
Multi-State
County:
Maricopa
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement outlines the requirements for the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) program as applicable in Maricopa. It specifies that the Borrower, who is indebted to the SBA under a promissory note, seeks SBA's consent for another party, the Assumptor, to assume the obligation of the loan. Key features of the form include the necessity for both parties to consent to the assumption, the ongoing obligation of the original Borrower, and conditions under which the SBA can demand full repayment if the property is transferred without consent. Filling out this form involves clearly identifying all parties, loan amounts, and conditions for assumption, along with required notarization. This agreement is particularly useful for attorneys, owners of businesses, and legal assistants who need to facilitate the transfer of financial obligations in compliance with SBA requirements, ensuring legal clarity and protection for all parties involved. Notably, the document emphasizes the importance of maintaining obligation under the original loan terms, which is crucial for legal and financial accountability.
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FAQ
Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.
Eligibility requirements Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-federal, non-state, and non-local government sources.
