Common Questions About SBA Loan Forgiveness, Part I
Is it possible to settle an SBA Disaster Loan?
It is possible to settle an SBA disaster loan. It should be noted, however, that disaster loans are handled by a different area than "regular" SBA loans. Technically, they have the same SOPs (standard operating procedures), but the rules tend to be interpreted a little differently by the disaster loan folks than they are by the "regular" SBA loan area.
How long will it take to settle my loan?
It depends. There are many factors that can drag out the process. Is there business equipment that needs to be sold? Is there real estate that needs to be sold? Are you dealing directly with the SBA, or is your lender still servicing the loan? Like a construction project, the rule of thumb is that it will always take longer than you expect it to. With that said, don't despair. It is possible to settle. The SBA is fair (in my opinion), so if you abide by the settlement rules, and understand how the SBA is going to evaluate your offer, your chances of settling are good provided you can raise an acceptable amount of cash.
What can an SBA workout specialist do for me that I can't do for myself?
A knowledgeable SBA workout expert will have a strong knowledge of the SBA settlement process. They will have a firm grasp of how the SBA will analyze your financial situation in order to determine whether your offer is acceptable. In addition to their ability to determine a fair settlement offer, an SBA workout expert will be able to challenge lenders, who often hide behind the SBA as an excuse not to settle. Some lenders will cite specific SBA guidelines as reason why an offer cannot be acceptable. A seasoned SBA workout pro knows the SBA rules, and can challenge the lender when they know that something is not factually correct. As a business owner who is going through the settlement process for the first time, how could you possible know all the SBA rules and practices? More importantly, how would you know if they lender is accurately interpreting the SBA guidelines?
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