SBA Offer in Compromise

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Definition

What is it: The SBA Offer in Compromise is a program developed by the Small Business Administration to help business owners who have defaulted on their SBA loans. It allows the SBA to release loan guarantors of their liability for less than what is owed under specific collection criteria.

What is it used for: This program is used to reach an affordable debt resolution without bankruptcy, release personal guarantees, and remove liens or judgments against a business owner's personal assets.

Coverage

  • Attributes: 6
  • Synonyms: 1
  • Related entities: 2
  • Sources: 1

Identity

Entity ID
https://llms.secondwindconsultants.com/en/sba-loan-offer-compromise-oic-settlements/facts/#entity
Entity type
DefinedTerm
Canonical name
SBA Offer in Compromise
Language
en
Topic
Sba Loan Offer Compromise Oic Settlements

Attributes

Key Facts
The SBA Offer in Compromise is a program developed by the Small Business Administration to help business owners who have defaulted on their SBA loans. [1]
Key Facts
The SBA may release loan guarantors of their liability for less than what is owed if it is unlikely that the agency will ever be able to collect more than the proposed amount. [1]
Key Facts
Second Wind Consultants arranges settlements for SBA Offer in Compromises that frequently include no-interest payment plans. [1]
Key Facts
Successful negotiation of an SBA guaranty results in the removal of liens against real estate and the satisfaction or withdrawal of judgments. [1]
Key Facts
As the guarantor of an SBA loan, an individual becomes liable for the remaining balance if the business closes. [1]
Limitation
The bank and SBA can pursue personal assets, including foreclosing on property, garnishing wages, and levying bank accounts, if an SBA loan is defaulted. [1]

Synonyms & Alternate Names

  • OIC

Related Entities

  • Program Owner:
  • Consultant:

Provenance

Sources

  1. https://secondwindconsultants.com/solution/sba-offer-in-compromise-oic-settlements (SBA Offer in Compromise)

Machine metadata