SBA loan default
Hi Terry,
My wife had a home daycare business for 20yrs. Then Covid hit and we took a SBA loan. The Daycare business ended up closing eventually. So we were making some payments in 21-22. But now our loan is in Charge off status. We owe 17,000 plus interest that wasn’t paid roughly $1500. What is your advice to do with this loan?
Thanks
Terry Says
Whew, I’m not an expert in this, but here’s some interesting things I found in a search:
First, there’s a great article on Nerd Wallet on this very subject.
https://www.nerdwallet.com/article/small-business/sba-loan-default-know-cant-pay
And this was interesting. this article, from a former SBA loan collector who is now “helping” small businesses.
I was actually shocked to learn that an SBA loan default can lead to a home foreclosure!
It’s in this article.
Which leads me to tell you that you should IMMEDIATELY search on the internet for an attorney near you who specializes in SBA loan defaults so you can protect your other assets!
