Sba Eidl Loan Requirements In Travis
Category:
State:
Multi-State
County:
Travis
Control #:
US-00193
Format:
Word;
Rich Text
Instant download
Description
The document is an Assumption Agreement related to the SBA EIDL loan requirements in Travis. This form is essential for individuals, termed as 'Assumptors,' who are taking over the financial obligations of a Borrower under a loan from the Small Business Administration. Key features include the assumption of liability for the original principal sum and adherence to the terms of the Promissory Note and any modifications agreed by the SBA. It highlights that Borrower remains liable even after the assumption by the Assumptor. The form also necessitates consent from the SBA for any transfer, conveyance, or encumbrance of the property. When filling out the form, users should ensure accurate details about the loan amount, dates, and parties involved are clearly documented. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who work within the lending and real estate sectors, as it formalizes the transfer of loan responsibilities and protects all parties' interests. By using this form, legal professionals can facilitate smooth transactions while ensuring compliance with SBA regulations.
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FAQ
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Eligibility requirements Be an operating business. Operate for profit. Be located in the U.S. Be small under SBA size requirements. Not be a type of ineligible business. Not be able to obtain the desired credit on reasonable terms from non-federal, non-state, and non-local government sources.
Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster. The business cannot cover expenses due to the disaster and/or debt payments. The business was physically located in the declared disaster area.
