Question. A collection agency is contacting me about my SBA loan; is this legitimate? Answer. Once a loan has been referred to the U.S. Treasury due to non-payment or default of the loan, the Treasury utilizes several Private Collection Agencies to assist with debt...
Question. I have an SBA loan. Won't the Government Guarantee Pay Off the Loan? Answer.The Small Business Administration (SBA) helps small businesses and entrepreneurs obtain loans. One of the ways it does so is by guaranteeing the loan so that the lender is insulated...
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...
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...
