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I am applying loan and we almost done. Only few documents

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Hello , I am applying...
Hello , I am applying for SBA loan and we almost done . Only few documents are needed . One of them is a collateral of my liquor license . Since it is a bar or restaurant do i have any other choice for collateral ?. I was reading you do not have to and they can not decline a SBA loan . They can use a personal warranty as collateral . The only reason i am asking is that i would like to sell the bar in the future and if i do have a lien on my liquor license I am not sure how would that work ?
Submitted: 1 year ago.Category: Business Law
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6/28/2016
Business Lawyer: Legalease, Attorney replied 1 year ago
Legalease
Legalease, Attorney
Category: Business Law
Satisfied Customers: 16,386
Experience: 14 years experience corps, LLC's and partnerships; preparation, negotiation of complex contracts and business agreements
Verified

Hello there --

I have done many SBA loans where the lender requires a lien on the liquor license in order to have additional security. It is not uncommon at all. They do this because if they have to step in and put the bar into receivership, they can use the liquor license to keep it running until they decide what to do with the bar itself. If the bar goes well (and I hope it does !) and you want to sell the bar, when you pay off the SBA loan, the liquor license will be released at that time and you can sell it along with all of the other assets of the business to the new owner. SBA has no legal right to hold the lien on your license when you can and will pay off the overall loan to them.

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Legalease
Legalease
Legalease, Attorney
Category: Business Law
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Experience: 14 years experience corps, LLC's and partnerships; preparation, negotiation of complex contracts and business agreements

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