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People also ask
Does the SBA guarantee loans for small business owners?
This is when the SBA can be helpful, as it may guarantee bank loans for small business owners who have inadequate collateral鈥攖he agency, however, may require a personal guarantee instead. 1 2 While SBA guaranteed loans can be a valuable resource, they are not free.
What is an SBA guarantee fee?
An SBA guarantee fee is the price you pay the government agency to guarantee your loan. In other words, it鈥檚 the cost of being a small business owner who doesn鈥檛 have (or doesn鈥檛 want to risk) collateral. There are some small businesses that may not require large amounts of money to start up or grow.
What happens if I Can鈥檛 pay my SBA loan?
However, if, during the course of business, an SBA loan recipient becomes unable to pay its loan, the lender will make attempts to collect any pledged collateral. The lender will then turn the debt over to the SBA.
What is the Small Business Administration guaranteed loan program?
Lack of funding is a major problem for many entrepreneurs, which is why the Small Business Administration (SBA) started up its guaranteed loan programs. These programs are intended for small business owners who need cash for a startup, an expansion, or other business undertakings.