SBA Loan Total Debt Forgiveness $287,000

April 9, 2017

The company was in a rented space and they decided to take out a $300,000 SBA 7a loan for renovations. Their revenues started declining rapidly and after the individual business owners depleted all their business assets to keep the business alive and the loans current, they defaulted. M.O.X engaged their individual creditors and worked out a forbearance agreement that allowed the business to continue operating without any payments while we sought a purchaser. M.O.X settled the loan with lump sum for $13,000. Save the company $287,000 (4.5%)

 

 

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