Did You Get an SBA Loan This Past Year?
Remember that great feeling when you were able to sign up for that low-interest 30-year note with SBA? It seems that feeling has waned by the time they need to release interest in an asset you want to move. Regardless of if you used the loan or not. You signed up for a blanket lien and they did file it.
Suddenly, dealing with the government is daunting, with having no actual person to talk with face-to-face doesn’t make it easier.
On your paperwork or the UCC, there is a phone number to call or an e-mail address by which you can contact SBA. Getting through that initial contact is close to the hardest part. First, remember, it is just another person trying to do their job. Chances are, you’ve been doing yours for far longer than they have been in theirs.
Whoever you end up talking with will email several pages of paperwork to you to fill out completely and submit back to them. Part of the papers is regarding your business entity and ownership. They want to make sure they are dealing with the correct company and that no big changes have happened since the loan was processed.
Once they have this information on file, the following times of selling equipment should be simpler. You might have an actual person to contact or easier information to provide. The initial time may take up to weeks to get a response.
Remember that it is a blanket lien. If you have borrowed and used that money, they can request proceeds from the sale or even stop the sale all together until they are satisfied with your intent.
If you did not use the funding and that loan is sitting, there whole – and you do not need it – close the loan and get the lien terminated.
Contact us at Ground Clearance to request a lien search and make sure you know where you stand regarding your SBA loan and your assets.