Contact a Loan SpecialistWant more information about a MN SBA loan or other small business loan? Our loan experts are here to help - 763.784.3337
Our Current SBA 504 Rates
May 13, 2014
While we all know that rulemaking is never
SBA will no longer require that the personal resources of owners be used to reduce the SBA funded portion of the total financing package. Lenders should continue to follow prudent lending practices and require that assets either be injected or pledged as collateral for a particular loan if deemed prudent.
If a Third Party Lender requires a lien on any type of collateral or security that the Third Party Lender obtains, in addition to the Project Property, the Third Party Lender, in the event of liquidation, must first apply the proceeds from the sale of additional collateral to the balance on the Third Party Lender