Sba Eidl Loan Requirements In Miami-Dade
Category:
State:
Multi-State
County:
Miami-Dade
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The Assumption Agreement is a legal form that facilitates the transfer of a Small Business Administration (SBA) loan obligation from a Borrower to an Assumptor in Miami-Dade. This document outlines the SBA EIDL loan requirements, including the original principal amount and payment terms, ensuring that the Assumptor agrees to assume all responsibilities associated with the existing loan. It also specifies that any modifications to loan terms must be agreed upon by the SBA, Borrower, and Assumptor. For individuals within the legal field, such as attorneys and paralegals, this form provides clear instructions for filling out and editing, making it easy to navigate even for those with limited legal experience. Legal professionals can utilize this form to advise clients about obligations tied to SBA loans, ensuring compliance with federal requirements. It is particularly useful in real estate transactions where loans are being assumed, as it clarifies the responsibilities of all parties involved. Additionally, the form requires notarization, emphasizing the importance of legal verification. Overall, the Assumption Agreement serves as a crucial tool for managing SBA loan assumptions in Miami-Dade.
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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.
