expanding SBA loans a new trap by the banksters.

[ucodegen]

the feds are discussing expanding teh 7(a) loans for small business.
This is very dangerous, because throwing credit to drowning men is
attractive but as the owner, you are personally liable for this,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)

[patb]

[quote=patientrenter]”let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.[/quote]

well i’ve watched people forced into bankruptcy over failed
7(a) loans when the bankers came after them so, I’m very leery about
the hazard these create.

[patb]

[quote=patientrenter]”let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.[/quote]

well i’ve watched people forced into bankruptcy over failed
7(a) loans when the bankers came after them so, I’m very leery about
the hazard these create.

[patb]

[quote=patientrenter]”let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.[/quote]

well i’ve watched people forced into bankruptcy over failed
7(a) loans when the bankers came after them so, I’m very leery about
the hazard these create.

[patb]

[quote=patientrenter]”let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.[/quote]

well i’ve watched people forced into bankruptcy over failed
7(a) loans when the bankers came after them so, I’m very leery about
the hazard these create.

[patb]

[quote=patientrenter]”let me know how that strategy works”

patb, I am morally offended by this whole business of borrowing without repaying in full, so it’s very difficult for me to do it. But I am in no doubt that it’s easy for a large and growing number of people. I am also pretty sure that letting that happen is not a good idea.[/quote]

well i’ve watched people forced into bankruptcy over failed
7(a) loans when the bankers came after them so, I’m very leery about
the hazard these create.

[patb]

[quote=ucodegen]

the feds are discussing expanding teh 7(a) loans for small business.
This is very dangerous, because throwing credit to drowning men is
attractive but as the owner, you are personally liable for this,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)[/quote]

I have a 7(a) 1.3 Million dollar Line of credit through the SBA for my firm.
According to SBA records, I am the Largest operating line of credit
in our state and the single most profitable line of credit for the SBA district office. So, I consider myself an expert in this product and it’s application.

Now when I signed the master note, I was required to sign a personal guarantee, and my partners were required to also sign these.
I had a long discussion with our banker when we signed all that and
they assured me that the bank would use all legal efforts to collect from
me in the event this line went south.

So, yeah, I know what i’m saying.

[patb]

[quote=ucodegen]

the feds are discussing expanding teh 7(a) loans for small business.
This is very dangerous, because throwing credit to drowning men is
attractive but as the owner, you are personally liable for this,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)[/quote]

I have a 7(a) 1.3 Million dollar Line of credit through the SBA for my firm.
According to SBA records, I am the Largest operating line of credit
in our state and the single most profitable line of credit for the SBA district office. So, I consider myself an expert in this product and it’s application.

Now when I signed the master note, I was required to sign a personal guarantee, and my partners were required to also sign these.
I had a long discussion with our banker when we signed all that and
they assured me that the bank would use all legal efforts to collect from
me in the event this line went south.

So, yeah, I know what i’m saying.

[patb]

[quote=ucodegen]

the feds are discussing expanding teh 7(a) loans for small business.
This is very dangerous, because throwing credit to drowning men is
attractive but as the owner, you are personally liable for this,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)[/quote]

I have a 7(a) 1.3 Million dollar Line of credit through the SBA for my firm.
According to SBA records, I am the Largest operating line of credit
in our state and the single most profitable line of credit for the SBA district office. So, I consider myself an expert in this product and it’s application.

Now when I signed the master note, I was required to sign a personal guarantee, and my partners were required to also sign these.
I had a long discussion with our banker when we signed all that and
they assured me that the bank would use all legal efforts to collect from
me in the event this line went south.

So, yeah, I know what i’m saying.

[patb]

[quote=ucodegen]

the feds are discussing expanding teh 7(a) loans for small business.
This is very dangerous, because throwing credit to drowning men is
attractive but as the owner, you are personally liable for this,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)[/quote]

I have a 7(a) 1.3 Million dollar Line of credit through the SBA for my firm.
According to SBA records, I am the Largest operating line of credit
in our state and the single most profitable line of credit for the SBA district office. So, I consider myself an expert in this product and it’s application.

Now when I signed the master note, I was required to sign a personal guarantee, and my partners were required to also sign these.
I had a long discussion with our banker when we signed all that and
they assured me that the bank would use all legal efforts to collect from
me in the event this line went south.

So, yeah, I know what i’m saying.

[patb]

[quote=ucodegen]

the feds are discussing expanding teh 7(a) loans for small business.
This is very dangerous, because throwing credit to drowning men is
attractive but as the owner, you are personally liable for this,

Not correct. A small business can be incorporated. By doing this, it limits the losses to the value of the business. It is actually a good idea for a small business to incorporate, and many do. It limits any losses, particularly when starting up a business. It also limits the amount of damages that may occur against the owner in a lawsuit (ie slip-and-fall)[/quote]

I have a 7(a) 1.3 Million dollar Line of credit through the SBA for my firm.
According to SBA records, I am the Largest operating line of credit
in our state and the single most profitable line of credit for the SBA district office. So, I consider myself an expert in this product and it’s application.

Now when I signed the master note, I was required to sign a personal guarantee, and my partners were required to also sign these.
I had a long discussion with our banker when we signed all that and
they assured me that the bank would use all legal efforts to collect from
me in the event this line went south.

So, yeah, I know what i’m saying.

[patientrenter]

patb, you do have real knowledge. Now, if you drew on that LoC and your firm went bankrupt, and the SBA threatened to go after you personally for the unpaid debt, do you honestly think that calls to your local Congressman would go unheeded?

[patientrenter]

patb, you do have real knowledge. Now, if you drew on that LoC and your firm went bankrupt, and the SBA threatened to go after you personally for the unpaid debt, do you honestly think that calls to your local Congressman would go unheeded?

[patientrenter]

patb, you do have real knowledge. Now, if you drew on that LoC and your firm went bankrupt, and the SBA threatened to go after you personally for the unpaid debt, do you honestly think that calls to your local Congressman would go unheeded?

[patientrenter]

patb, you do have real knowledge. Now, if you drew on that LoC and your firm went bankrupt, and the SBA threatened to go after you personally for the unpaid debt, do you honestly think that calls to your local Congressman would go unheeded?

[Author]

Posts