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]

I have an SBA loan. Won’t the Government Guarantee Pay Off the Loan?

Question. I have an SBA loan. Won’t the Government Guarantee Pay Off the Loan? Answer.The Small Business Administration (SBA) helps small businesses and entrepreneurs obtain loans. One of the ways it does so is by guaranteeing the loan so that the lender is insulated from the risk of loss. For standard 7(a) loans, the guaranty… [Read More]