Sba Eidl Loan Rules In Virginia

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

Description

The Assumption Agreement outlines the process for the assumption of a loan obligation under the Small Business Administration (SBA) rules in Virginia, specifically pertaining to the SBA Economic Injury Disaster Loan (EIDL). This form is designed for borrowers who wish to transfer their loan obligations to a new party, known as the 'Assumptor.' It establishes that the Assumptor will take over the repayment of the loan while the original Borrower remains liable. Essential sections include detailed identification of the parties involved, the principal amount of the loan, and the terms and conditions for the assumption. Users must complete the form by providing the necessary details such as names, dates, and signatures, and ensure it is notarized for legal validity. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form vital for facilitating loan transfers in compliance with SBA regulations, ensuring that liabilities are clearly defined and managed. It serves specific use cases such as selling a business with an existing SBA loan or restructuring debt while maintaining compliance with SBA loan conditions. Properly filling out this form is crucial to protect all parties and uphold the obligations set by the SBA.