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  1. #1
    Join Date
    Nov 2006
    Location
    Seattle
    Posts
    7,261

    SBA Wants to lend me $25k

    I applied for this months ago in early COVID, got approved then put it on ice as I didn't want to be saddled with another payment outgoing in a year's time. They just reached out and still want to send me a check. I don't need it but wouldn't mind having a little cushion like that if I could find a place to park it and have it pay for itself while I don't (probably) use it.

    Terms are 3.75%, no payments or interest for a year. Think it's a 10 year amortization. Unlike PPP there doesn't seem to be a method to have it forgiven by meeting some set of criteria.

    Beyond real estate, investing vexes me. Yes, I'm a maroon. Is there some instrument that would make this work? Or is it just a dumb idea?
    Quote Originally Posted by Foggy_Goggles View Post
    If I lived in WA, Oft would be my realtor. Seriously.

  2. #2
    Join Date
    Dec 2004
    Posts
    15,404
    I would be remiss to not suggest the always popular Hookers and Blow.
    I have been in this State for 30 years and I am willing to admit that I am part of the problem.

  3. #3
    Join Date
    Oct 2005
    Posts
    10,870
    You could certainly get creative with some extra peso flow laying around, but there are "ineligible purposes" for SBA loans that you may want to keep in mind, namely not using it for your business per se.

    But Bunion is spot on. Invest in nose beers and loose women.

  4. #4
    Join Date
    Dec 2012
    Posts
    11,972
    Perhaps you could give it to the moderators? I think SFB is looking for donations.
    "timberridge is terminally vapid" -- a fortune cookie in Yueyang

  5. #5
    Join Date
    Oct 2003
    Location
    Big in Japan
    Posts
    45,201
    Bargain down to 1.5, like the big boys. 3.5, you're just treading water.

    Let's do some livin'
    After, we die

  6. #6
    Join Date
    Nov 2002
    Location
    Behind the Zion Curtain
    Posts
    3,705
    They offered me the same deal with more cash, it’s cheap money, I took it. I have equipment that needs replacing and plan on some remodeling. I don’t really see a downfall.

  7. #7
    Join Date
    Nov 2003
    Location
    HR
    Posts
    2,561
    25k is a good number—at the max of 30k, you need to put your business assets up as collateral (no lien though), not so with 25k. Not that that matters if you intend to make the 130/month payments. About as cheap money as there is, why not?

  8. #8
    Join Date
    Nov 2006
    Location
    Seattle
    Posts
    961
    You could invest it in LEGO futures. (too late!)

    Seems like cheap money to me, although I don't own a business, so I may be talking out of my ass.

  9. #9
    Join Date
    Nov 2008
    Posts
    5,697
    Wait .... you said you didn't need it?? How about not taking it so some one who DOES need it gets it?

  10. #10
    Join Date
    Dec 2012
    Posts
    11,972
    Quote Originally Posted by Benny Profane View Post
    Bargain down to 1.5, like the big boys. 3.5, you're just treading water.
    The S in SBA is for small Benny.
    "timberridge is terminally vapid" -- a fortune cookie in Yueyang

  11. #11
    Join Date
    Oct 2003
    Location
    Big in Japan
    Posts
    45,201
    Think big, baby. Or go home.

    Let's do some livin'
    After, we die

  12. #12
    Join Date
    Nov 2006
    Location
    Seattle
    Posts
    7,261
    Quote Originally Posted by SorryBro View Post
    You could invest it in LEGO futures. (too late!)

    Seems like cheap money to me, although I don't own a business, so I may be talking out of my ass.
    Right? I don't even like to think of the LEGO investment! Hope they're being well enjoyed.

    It does seem like cheap money, but not that cheap. To address a couple of things....

    I don't need it as in I won't have to sell everything to survive if I don't get it, but it's not to say it wouldn't be very useful and a welcome cushion post-divorce economic and COVID impact. My impression is that I'm not tying it up where someone else could use it.

    I had decided months ago not to take it and thought the application was expired and had forgotten about it until they reached out this week to urge me once again to take it.

    All that said, the latest word from SBA is that since I have a different bank account than I did when I applied I essentially have to re-apply. Not going to bother.

    Seems a little odd and for some reason I have a voice in my head telling me the guy that is reaching out may not be legit, SBA email address notwithstanding.
    Quote Originally Posted by Foggy_Goggles View Post
    If I lived in WA, Oft would be my realtor. Seriously.

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