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.
Is collateral required for these loans?
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It was a cool December day in 1999 when Jose Ricardo and Fabiola Rendon left their natal land, Colombia, South America for the State of Virginia, U...
In the fall of 2003, during her second year of law school, Moira S. Brennan, Esq. decided to take advantage of her paralegal experience and start...
From a young age, Nadine Boudreau dreamed of owning her own business where she could help children. Her passion led to a degree in sociology with a...