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01-17-2025, 08:34 PM #1
SBA EIDL default, needs SBA Microloan for start up
Broker reached out with a desperate scenario....lady gets a program approval where she needs needs a SBA microloan to get started.
Told her to reach out to SBA EIDL and declare uncollectable. They removed her default and cut her payments WAY down.
She now has the way cleared to submit for a SBA microloan.
The government can help sometimes - all you have to do is ask.
And if we can't get a Microloan, we told her to put together a pitch deck to present to some investor groups we know.Last edited by Olderguy; 01-18-2025 at 10:00 AM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-21-2025, 12:08 PM #2
Reputation points: 69891
- Join Date
- Mar 2024
- Posts
- 477
So she applied for HAP?
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01-21-2025, 12:17 PM #3
Hardship Accommodation Plan.
SBA is offering a Hardship Accommodation Plan (HAP) for COVID-19 EIDL borrowers experiencing short-term financial challenges.
Borrowers eligible for this plan may pay 10% of their usual payments for six months, without first catching up on missed payments.
FYI - this was the original hardship program that was to last two years....it adjusted (and had to be renewed) every 6 months. 10%, then 25%, then 50% then 75% I believe.
But I am finding out even after two years you can CONTINUE to request hardship accomodation and it's usually granted. The amount deferred is added to the back of the loan.Last edited by Olderguy; 01-21-2025 at 01:16 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-21-2025, 03:31 PM #4
Reputation points: 69891
- Join Date
- Mar 2024
- Posts
- 477
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01-21-2025, 05:35 PM #5
Last edited by Olderguy; 01-21-2025 at 09:23 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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