This form is an assumption agreement for a Small Business Administration (SBA) loan. Party assuming the loan agrees to continue payments thereon. SBA agrees to the assumption of the loan and release of original debtor. Adapt to fit your circumstances.
Sba Loan Agreement Without Interest In Ohio
Category:
State:
Multi-State
Control #:
US-00193
Format:
Word;
Rich Text
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FAQ
All loans insured by the SBA require a personal guarantee from every owner with a 20 percent or greater equity stake in the business.
If a business hasn't been in business for five years, multiply its average weekly revenue by 52 to determine its average annual receipts. SBA calculates annual receipts in ance with 13 CFR 121.104.
Minority business loans are a source of business funding offered exclusively to minority-owned businesses. Business loans for women are also often considered minority business loans.
The MBE program helps minority businesses obtain state government contracts for goods and services. The State of Ohio's Minority Business Enterprise (MBE) program assists minority businesses in obtaining state government contracts for goods and services.
Pursuant to 13 CFR § 120.160(a), all SBA 7(a) loans must be guaranteed by at least one person or entity. Generally, guarantees are required of any individual or entity who owns 20% or more of a borrower entity.