Does the SBA loan funds for financial recovery even if the borrower does not have collateral?

Similar questions: SBA loan funds financial recovery borrower collateral.

Once an applicant has been approved, SBA will send loan closing documents with the terms and conditions, as well as any request for additional information needed to complete collateral documents such as copies of property deeds, leases, insurance information, etc.Applicants have the option to close their loans at a field office location where they can be personally assisted by an SBA representative, or they can close their loans by mail. The SBA can disburse the first $10,000 (or $5,000 for economic injury disaster loans)once the required closing documents for an unsecured loan have been submitted. Loans for property damage over $10,000 and EIDLs over $5,000 must be secured with some form of collateral (preferred collateral being real estate), usually in the form of a first or second mortgage on the damaged real estate.

The disbursement process is similar to a construction loan and is made in installments asrepairs are being completed. The borrower must keep receipts to document how the loan funds are spent. Typically, the first payment on the disaster loan is due five months after the date the loan was made.

Sources: http://209.85.175.104/search? Q=cache:IsXzyItuYYEJ:www.sba.gov/idc/groups/public/documents/sba_homepage/serv_da_media_guide.pdf+SBA+loan+funds+for+financial+recovery&hl=tl&ct=clnk&cd=3&gl=ph .

SBA does not loan period... SBA only guarantees loans made by private-sector lenders.

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