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SBA Loan Default: What Happens When You Default & What You Can Do About It
If you default on your SBA loan, you’ll be notified by the lender. If you’re unable to get on track with your loan, your lender may seize your assets. The lender will later reach out to the SBA to receive the guaranteed portion of the loan, and the SBA will contact you seeking payment. If payment isn’t received or an agreement isn’t made, the SBA will report the loan to the Treasury Department, which can take further action against you.
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How To Repay Your SBA Loan
Small business owners that navigate the complex and lengthy Small Business Administration loan process are rewarded with low-cost, long-term business funding. Now that the hard part is over, it’s not uncommon to have questions about what comes next, like repaying your loan.
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How To Check SBA Loan Status
SBA loans take longer to fund than other business loan types. SBA loan approval time varies depending on your lender and SBA loan type, but generally, the total time between application and funding is between two and three months.
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How To Get A Loan To Buy A Business: 6 Types Of Business Acquisition Loans
Buying a business can be an exciting and rewarding venture, but getting a loan to finance this purchase is tricky if you don’t have spotless credit or an already-established business. Fortunately, alternative lenders have made it easier for aspiring entrepreneurs to secure non-standard business loans, SBA loans, and other types of financing.
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How To Claim The Research & Development Credit On Your Taxes
Yes, you can claim the R&D tax credit every year, provided you have qualified research and development expenses. In order to claim the credit, you must meet all requirements of the IRS and you must file the appropriate forms with your income tax return.
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Depreciation On Rental Properties: What Expenses Can Be Depreciated?
Rental property depreciation allows property owners to write off the costs of purchasing and improving rental property on their income tax returns. Typically, a rental property depreciates at a rate of about 3.6% per year for 27.5 years. Depreciation begins after the property is available to rent.
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The Ultimate Guide To SBA CAPLines Lines Of Credit
The Small Business Administration provides invaluable resources to small business owners, from educational materials to low-interest loan programs. One of those programs is CAPLines, which provides qualified business owners with a flexible line of credit up to $5 million.
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How To Calculate Business Loan Payments
If a business loan still seems like a solid financial option for your business, you can move into calculating your monthly business loan payment. This will further help you decide if getting a loan will help boost the growth of your business.
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What Is A Prepayment Penalty?
Lenders want borrowers to pay as much interest as possible, which is why some loans discourage and penalize early payment through the use of prepayment penalties. However, using the strategies outlined in this article, you may be able to make prepayments on your business loan while avoiding or minimizing any penalties, even if your loan does include a prepayment penalty.
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