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The report by the Office of Inspector General highlights that Banco Popular inadequately assessed borrower repayment ability when originating loans for Huntington Learning Center franchises. The audit revealed that the bank relied on unrealistic revenue projections, leading to defaults on 10 out of 12 loans, costing the Small Business Administration (SBA) $2.1 million in guaranty payments. Additionally, the SBA's loan database was found to be inaccurate, impairing its ability to monitor franchise loans effectively. Recommendations include seeking recovery of defaulted loans, flagging problematic loans in the system, and improving data accuracy for future franchise loans.

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What is the downside to an SBA loan?

SBA Loan Con: Personal Guarantee Lenders will require you to sign a personal guarantee if you own 20% or more equity in the business. If youre unable to make payments down the road based on the original agreed-upon terms, youll need to pay back the lender from your personal accounts or assets.

What is the disadvantage of SBA?

Quick Answer. SBA loans offer low interest rates, flexible loan uses and large loan amounts. While they are often a good choice for small business owners, these loans also have downsides, such as a lengthy approval process, collateral requirements and the need to personally guarantee the loan.

Why are SBA loans denied?

Not having good business credit can cause an applicant to get rejected for an SBA loan, as it is a sign the business does not pay its debts. Because lenders make their money on the interest paid back each month, companies with lower business credit scores are higher risks for lenders.

Can SBA take your house?

But the SBAs 7(a) loans did even worse than other bank loans. The programs rate of early defaultswithin the first 18 monthstripled from 2022 to a level above 1% in 2024, ing to the risk report. Delinquent loans increased from about 1% to 2.5% over the same stretch.

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