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In my time as a workout expert, there have been several misconceptions that I have consistently had to address. And these aren’t minor misunderstandings. These are issues that, in my opinion, are pretty important to know.
Myth #1: The SBA Guarantee means that if you can’t repay the loan, the SBA will pay off the bank on your behalf.
I’ve said it before, I’ll say it again. The SBA guarantee is ONLY FOR THE BANK. If you default on the loan, the SBA will reimburse the bank (subject to SBA satisfactory review of the file), but you will still be very much responsible
Myth #2: The SBA makes 7a loans directly to small business owners.
Myth #3: You need to be declined for a traditional bank loan before you can apply for an SBA loan.
Jason Milleisen can answer your questions about applying and being approved for an SBA loan. Feel free to call (toll free 1-877-436-4533) or email me (email@example.com). If you retain me to help you with your financing needs, I’ll give you a rebate after your loan closes equal to 10% of my commission, up to $500.