Sba Eidl Loan Requirements In Orange

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

Description

The Assumption Agreement is a legal document relevant to borrowers involved in the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) program in Orange. This form outlines the responsibilities of the original borrower and the new assumptor who takes over the loan obligations. Key features include specifying the original loan amount, the requirement for SBA consent to any assumption of debt, and the continued liability of the original borrower despite the assumption by the new party. Filling out this document requires specific details about the loan and the parties involved, and must be signed in the presence of a notary public. It is particularly useful for attorneys, partners, owners, and legal personnel as it ensures compliance with SBA regulations, safeguards the interests of all parties, and provides clear record-keeping for any modifications or conditions laid out in the original loan agreement. Additionally, this form can mitigate risks involved in property transactions and redefine responsibilities between the original and new borrowers effectively.