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How to prepare Sba Form 355
About Sba Form 355
SBA Form 355, also known as the Loan Guaranty Agreement, is a document required for borrowers applying for a loan from the Small Business Administration (SBA). It is crucial for small business owners to understand the role of this form and its significance in the loan application process. Here is some relevant content about SBA Form 355: 1. Overview of SBA Form 355: - SBA Form 355 is a legally binding agreement between the borrower and the SBA. - It outlines the borrower's responsibilities, terms, and conditions associated with the loan. - The form is designed to protect the interests of both the lender and the SBA. 2. Purpose and Importance: - SBA Form 355 acts as a guarantee for the lender, ensuring they will receive reimbursement in case of default. - It provides clear guidelines regarding how the borrower can use the loan proceeds, ensuring compliance with SBA regulations. - The form helps the SBA assess the borrower's creditworthiness and evaluate the risk associated with approving the loan. 3. Key Sections of SBA Form 355: - Borrower Information: This section includes the borrower's details, including business name, address, tax identification number, and loan amount. - Guarantee Agreement: It outlines the borrower's commitment to pay back the loan and fulfill all obligations under the loan program. - Restrictions: This section clarifies restrictions, such as limitations on changing the ownership structure, assets, or collateral without prior SBA approval. - Collateral: If collateral is pledged to secure the loan, this section provides details on the assets, their valuation, and the borrower's responsibilities to maintain them. - Default and Remedies: It specifies the actions the lender or the SBA can take in case of default, including acceleration of the loan and enforcement of personal guarantees. 4. Tips for Completing SBA Form 355: - Review the instructions provided by the SBA to ensure accurate completion. - Seek professional guidance from a lawyer or financial advisor if unfamiliar with legal or financial terms. - Be thorough and transparent, providing all necessary information to avoid delays in loan processing. - Ensure that any attachments or supporting documents required are attached to the form. - Double-check the form for accuracy, including signatures and dates, before submission. 5. Resources and Assistance: - The SBA website provides comprehensive information on SBA Form 355 and offers downloads of the form. - Local SBA offices or Small Business Development Centers (SBDCs) can provide assistance and guidance throughout the loan application process. Understanding the purpose, sections, and significance of SBA Form 355 is essential for borrowers seeking financial assistance from the SBA. By carefully completing and submitting this form, small business owners increase their chances of securing a loan and meeting their financial needs.
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