SBA PG - How to get out

by a searcher

1 year ago

Our partner who has provided PG for the SBA loan needs to step back due to personal situation. She wont be able to manage day today operations. 
She is offering to sell her stake to remaining partners, she wants to remove her PG since she will be gone for extended period of time. SBA lender refused to allow ownership change and asking us to refinance.

What options do we have ? 

1 like
297 views
6 comments

searcher

I think you will need a new person to PG the loan. You also have an operations issue, who is going to operate the business? What is your succession plan?

1 year ago | like reply | 0 likes

lender from Urbana University

Newest revision to the SBA rules took this process from nearly impossible to easy.

1 year ago | like reply | 1 like

More on Searchfunder

Just Closed on My First Deal! Reflections and Takeaways for other Searchers

45,152 transactions are available on Searchfunder (now searchable by keyword)

Now everyone has unlimited IBISWorld access

Family office looking for traditional searchers

2 Best Ways To Find Motivated Sellers, Off-Market Deals

Investor seeking Self-Funded Search Deals

Downsides of "buying a job" below 750k+ EBITDA?

Examples of self-funded searcher websites

Searchfunder is an online community and toolkit for searchfunds. Over 80% of those involved in searchfunds maintain a Searchfunder.com account to help them network, problem solve challenges, and keep up with the industry.

We maintain partnerships with database providers that make searching more effective, efficient and affordable along with features that help searchers find deals and investors and vice versa.