Sba Ppp Loan Agreement Form In Pima

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

Description

The Sba ppp loan agreement form in Pima facilitates the assumption of a loan from the Small Business Administration by a new borrower. This document enables the Assumptor to take over the existing loan obligations of the original Borrower, ensuring that all parties meet their financial responsibilities as stipulated in the original Promissory Note. The form outlines conditions that must be met for the assumption to be valid, including consent from the SBA, and emphasizes that the original Borrower remains liable for the debt even after its transfer. Attorneys, partners, owners, associates, paralegals, and legal assistants may find this form essential for navigating loan transfers, ensuring compliance with SBA requirements, and managing borrower obligations. To fill out the form, parties need to clearly identify all involved, specify relevant loan details, and obtain appropriate signatures under notary supervision. This form is particularly useful in real estate transactions, business partnerships, and any situation where loan obligations might be transferred. Proper completion helps mitigate legal risks and ensures continued access to SBA funding opportunities.