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Your SBA loan is based on the business plan and model you present to them. Using the SBA loan to fund another type of 'business model' or 'another way of generating income' perhaps would be frowned upon and may be subject to penalties and fines or other punitive gestures.
If your second idea is better, redo the business plan and submit the new business model to them.
Read your loan docs. If it is mentioned in there - then follow them. if it is not - then you should not have to worry about it. Banks just want to get repaid - if you are paying as agreed - it should not matter. However, if the lender took a UCC on your business assets - make sure that your new organization does not place an encumbrance on those assets - meaning that the lender still has its position to that collateral.
Business Money Today
Thanks guys! I will definatley look into this.