I defaulted on an SBA loan. What happens next?

Question. I defaulted on an SBA loan. What happens next? Answer: The SBA Collection process follows a more or less standard path as set forth in the SBA Standard Operating Procedures (SOPS). But, to think the SOP’s describe the reality of the SBA collection process would be factually incorrect. The collection process can vary in… [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]