Sba Eidl Loan Rules In Phoenix

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

Description

The Assumption Agreement guides users through the process of transferring an existing Small Business Administration (SBA) loan obligation from one party, the Borrower, to another party, the Assumptor, in the context of SBA EIDL loan rules applicable in Phoenix. This document outlines the need for SBA's consent for such assumptions and emphasizes that the Borrower remains responsible for the loan even after the assumption is made. Key features include the identification of the original loan amount, the terms of the assumption, and the ongoing obligations of the Borrower and Assumptor to comply with the loan terms. Users are instructed to complete the agreement with relevant details including dates and amounts, as well as to secure notary acknowledgment for the transaction. The document is particularly relevant for attorneys, partners, business owners, associates, paralegals, and legal assistants who assist clients in navigating financial obligations under SBA programs. It allows these professionals to provide informed guidance on client obligations, documentation requirements, and the potential impact on borrower liability during business transitions.