Sba Loans: Some Answers

Sandy asks…

Do SBA loans apply to franchises?

For example can someone take out an SBA loan on opening a Hampton Inn… or opening an insurance company… like a State Farm Agency. Those are both large companies, however in a way its a small business

admin answers:

Yes. It’s a great place to check out because the SBA offers favorable terms and recognizes the importance of our nation’s small businesses. They provide competitive rates, no points, and no penalties for pre-payment. As a potential franchisee, you may qualify for an SBA loan, based on criteria such as number of employees, business size, and annual sales. Theirs is a simple and straightforward process as compared to other options.

William asks…

what is the easiest way to get started on an sba loan online?

i want to purchase a hotel and i never dealed with sba loans, where can i go online to find info or even apply online for it

admin answers:

SBA doesn’t make loans. You lender will assist you in applying for a loan guarantee from the SBA. You will be paying a higher interest rate because of the loan guarantee.

Thomas asks…

Can SBA Loans be discharged in Bankruptcy?

Hello everyone. I was wondering if anyone knew if an SBA loan can be discharged in a Business Chapter 7 Bankruptcy. It’s not a credit card debt but rather a loan debt. Thanks

admin answers:

There is no special treatment given to an SBA loan. It can be discharged just like any other unsecured debt.

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