Sba Eidl Loan Assumption With All Business Assets In San Jose

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

Description

The Assumption Agreement outlines the process for a borrower to transfer their Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) obligations to a new party, referred to as the Assumptor, while retaining the original borrower's liability. This document is particularly relevant for business owners and attorneys in San Jose looking to facilitate the transfer of business assets. Key features include the requirement for consent from the SBA, the conditions under which the Assumptor assumes the debt, and the continued obligation of the original borrower. Filling out this form requires accurate information about the loan principal, property details, and relevant dates. Users must clearly state any modifications to the loan terms and ensure all parties consent to the agreement. It serves as a crucial document for mergers, acquisitions, or transfers of ownership involving SBA loans. Legal professionals support clients through the process, ensuring compliance with SBA requirements and safeguarding their interests in business transactions.