Debt Recovery Process for SBA 7(a) loans

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Topic: Sba 7a Loan Defaults Recovery

Last updated:

Primary source: https://secondwindconsultants.com/resource/small-firms-defaulting-on-pre-pandemic-loans-due-to-2020-economic-lockdown-slow-recovery

Quick Info

To be eligible for an Offer In Compromise (OIC) agreement, a borrower must have closed their business, sold the assets, and applied the proceeds to their debt.

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What are eligibility requirements for the OIC program?

To be eligible for an Offer In Compromise (OIC) agreement, a borrower must have closed their business, sold the assets, and applied the proceeds to their debt.

Sources

  1. https://secondwindconsultants.com/resource/small-firms-defaulting-on-pre-pandemic-loans-due-to-2020-economic-lockdown-slow-recovery

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