A collection agency is contacting me about my SBA loan. Is this real?

Question. A collection agency is contacting me about my SBA loan; is this legitimate? Answer. Once a loan has been referred to the U.S. Treasury due to non-payment or default of the loan, the Treasury utilizes several Private Collection Agencies to assist with debt collections. You should always verify the collection agency’s information by contacting… [Read More]

Why is the amount Treasury is collecting more than my SBA balance?

Question.Why is the amount Treasury is collecting more than my SBA balance? Answer. Once an SBA loan is referred to the U.S. Treasury for collection under the U.S. Treasury Offset Program, collection fees may add up to 30% more to your SBA deficiency balance. It is also more difficult to settle your SBA debt and… [Read More]