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Transferring a Small Business Association loan — a process known as loan assumption — typically occurs when a business is sold or transferred, explains a recent article from NerdWallet. While often lengthy and document-intensive, assumption may offer advantages for both sellers, who can avoid prepayment penalties, and buyers seeking to lock in the loan’s existing interest rate, remaining balance and repayment schedule.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center