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Is collateral required for these loans?


Loans of $14,000 or less do not require collateral. Loans in excess of $14,000 require the pledging of collateral to the extent it is available. Normally the collateral would consist of a first or second mortgage on the damaged business property. In addition, personal guaranties by the principals of a business are required. The SBA will not decline a loan for lack of collateral, but you must pledge available collateral.

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