There is a lot of confusion out there about what constitutes a legitimate assets transfer, and what banks and the SBA consider to be fraudulent assets transfers. In general, a legit transfer involved the sale of your business or business assets to an unaffiliated third-party buyer. If the business assets are pledged as collateral for ...
In these hard economic times, many small businesses are struggling to make ends meet or just to stay in business. Many small businesses were already on the financial bubble before this “great recession” hit. Most of those businesses are gone now and many of the small businesses that were doing well before the recession hit, ...
The U.S. Small Business Administration offers an Express Loan Program for borrowers who need business financing of up to $350,000. Express means you’re promised an answer within 36 hours of completing your application, and there is less documentation required compared to bigger SBA loans. The SBA doesn’t make loans itself – it just provides a ...
(Note: The author is not an attorney and this article should not be construed as legal advice.) This question seems to come up a lot, so I figured that it’s time to address it with an article. The best way to answer the question is this way: In bankruptcy, SBA guaranteed debt is treated like ...
The American Dream – You Can Have Anything You Want; Just Be Prepared to Give Everything You’ve Got Owning your own business may be your American dream. If so, getting assistance for your business from the U.S. Small Business Administration (SBA) or the U.S. Department of Agriculture (USDA)may be the way to achieve your dream. ...
