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I am opening a new business and the bank has required me to…

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I am opening a...

I am opening a new business and the bank has required me to use the SBA for the loan. In order to start the business sooner I have paid out of pocket and off of my current lines of credit to start my new business and we should be opening within a few weeks. The SBA paperwork is horrendous and time consuming. I paid out of pocket to get things rolling while the SBA was being processed. I am now approved for the loan but now the SBA is requiring that I have environmental studies done on all of my commercial properties and also that I have seismic studies done on my new businesses location even though I don't own the building. They also want me to have the contractors bonded even though we are just a few weeks away from finishing. These requirements are going to cost me over 100k. The other problem is that one of my commercial properties they want as collateral was used as a dry cleaners for years. I have been told by the company that does the environmental study that it will most likely fail. This property is only about 1% of the collateral needed. I would like to find a way to get the SBA to release it, but they won't budge. I'm looking for a way to bypass all of these regulations if possible. Is there any lawyers that work with SBA and real estate that can give me some guidance on this? Thank You.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

My new business is in South Carolina, Pennsylvania, and Kentucky. My commercial properties that the SBA want for collateral are in Missouri and Arkansas.

Lawyer's Assistant: What steps have you taken so far?

None. I am considering putting my commercial property into a trust or selling them to some family member so that I maintain control. I'm not sure what to do.

Submitted: 26 days ago.Category: Business Law
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Answered in 14 hours by:
3/27/2018
Business Lawyer: Phillips Esq., Attorney-at-Law replied 26 days ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Business Law
Satisfied Customers: 21,296
Experience: B.A.; M.B.A.; J.D.
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Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

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Business Lawyer: Phillips Esq., Attorney-at-Law replied 26 days ago

I am so sorry to read about your difficulties.

Kindly note that I just came across your post. I do not have control over the question list or the promises made to you by the site as to the response time. I am just a site user just like you. Nonetheless, I apologize for the delay in response to your post.

Kindly give me a few minutes to prepare my response.

Thank you for your patience.

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Business Lawyer: Phillips Esq., Attorney-at-Law replied 26 days ago

Unfortunately, SBA is unlikely to grant a variance in the case. I am speaking as someone who used to work at the agency.

I am sorry that I do not have better news for you.

Best wishes,

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Phillips Esq.
Phillips Esq.
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Category: Business Law
Satisfied Customers: 21,296
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Experience: B.A.; M.B.A.; J.D.

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