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Stephen Field
President
Asked a question 10 months ago

I have an existing business LOC with my company's bank. If I apply for an SBA loan, will they require the payoff of the LOC?

Where am I?

In Multifunding SBA CoronaVirus Support you can ask and answer questions and share your experience with others!

ami kassar
CEO Multifunding LLC and author of The Growth Dilemma

If your request is $350K or under they will not.  If your request is over $350K they will likely require you to refinance your line of credit with them so they can have a clean first lien,