All,
My client was a 20% owner of a company that has a SBA Guaranteed Loan outstanding and accordingly, he was required to give a personal guaranty of the loan. My client sold his interest in the business back
to the other owner, and my client no longer has anything to do with the company. He would like to be released from the guaranty as it is impacting on his ability to obtain loans for an entirely separate business.
As I read S.O.P. Number: SOP 50 57 of the SBA rules, he may be released under these circumstances if certain conditions are satisfied (which I believe have been met).
If anyone in this helpful group has experience with these types of matters, I would appreciate a few moments of your time to see if you concur with my conclusions and whether you have any helpful tips on how to proceed.
Thank you very much in advance.
Best,
Andy
Andrew S. Bogen, Esq.
179 Hampton Road
Southampton, New York 11968
(646) 869-4307 (office) / (917) 514-0178 (mobile)
https://www.andrewbogenlaw.com/
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