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 Form 1040 Fillable 2018

Sba Standby Agreement Sba 155 2018-2025 Form

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What is the SBA Standby Agreement (SBA Form 155)

The SBA standby agreement, officially known as SBA Form 155, is a legal document used in the context of Small Business Administration (SBA) loans. This form outlines the terms under which a lender agrees to provide a standby commitment to a borrower. It is particularly relevant for businesses seeking financing where the lender may need to ensure that certain conditions are met before the loan can be fully executed. The standby agreement serves as a safeguard for lenders, allowing them to maintain control over their financial exposure while supporting the business's growth.

Key Elements of the SBA Standby Agreement

The SBA Form 155 includes several critical components that define the relationship between the lender and the borrower. Key elements typically include:

  • Loan Amount: The total amount of financing being provided.
  • Terms and Conditions: Specific obligations that the borrower must fulfill to maintain the standby agreement.
  • Default Provisions: Conditions under which the lender may call the loan or require immediate repayment.
  • Duration: The time frame for which the standby agreement is valid.
  • Signatures: Required signatures from both the lender and borrower to validate the agreement.

Steps to Complete the SBA Form 155

Completing the SBA Form 155 involves several steps to ensure that all necessary information is accurately provided. These steps include:

  1. Gather Required Information: Collect all relevant financial details, including business identification, loan specifics, and terms.
  2. Fill Out the Form: Accurately complete all sections of the SBA Form 155, ensuring clarity and precision in your entries.
  3. Review for Accuracy: Double-check all information to avoid errors that could delay processing.
  4. Obtain Signatures: Ensure that both parties sign the form where indicated to validate the agreement.
  5. Submit the Form: Send the completed form to the appropriate SBA office or lender as per their submission guidelines.

Legal Use of the SBA Standby Agreement

The SBA standby agreement is a legally binding document, meaning that both parties are obligated to adhere to its terms. It is essential for borrowers to understand their responsibilities under the agreement, as failure to comply can lead to serious consequences, including the potential for loan default. Lenders also have legal recourse in the event of non-compliance, which underscores the importance of clarity and mutual understanding in the agreement.

Form Submission Methods

Submitting the SBA Form 155 can typically be done through various methods, depending on the lender's preferences. Common submission methods include:

  • Online Submission: Many lenders offer online portals for electronic submission of forms.
  • Mail: Traditional mailing of the completed form is still an option, ensuring that it is sent to the correct address.
  • In-Person Delivery: Some borrowers may choose to deliver the form directly to the lender's office for immediate processing.

Eligibility Criteria for SBA Standby Agreements

Eligibility for entering into an SBA standby agreement typically requires that the borrower meets certain criteria set forth by the SBA and the lending institution. Common eligibility requirements may include:

  • Business Type: The business must qualify as a small business as defined by the SBA.
  • Creditworthiness: A satisfactory credit history and financial standing are often necessary.
  • Purpose of Funds: The funds must be used for legitimate business purposes that align with SBA guidelines.

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