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In this video I talk about the difference between truly not being able to repay your SBA loan versus being able to afford it but it would suck.
It may not surprise you to learn that the SBA is only willing to settle if you can prove to them to their satisfaction that you lack the resources and income to repay them in full.
If you've got assets that can be borrowed against or liquidated to repay your SBA loan, then that's what the SBA will expect you to do.
In other words, the SBA does not settle for the sake of settling. If you owe them $500,000, don't expect to offer them $300,000 on the spot (despite the fact that you've got a million in the bank), and expect them to accept such an offer.
For those of you who are getting old like me you may remember the movie called A few Good Men. I mention it because there's a line where Tom Cruise's character says It doesn't matter what you know it only matters what you can prove.
Settling SBA loans are very similar. Unless you can prove to them that you can't afford to repay your debt in full, don't expect them to just take your word for it that you're broke and can't pay them.
this is why they ask for a whole bunch of paperwork. they want you to prove to them on paper, and on the record in case you're lying, that you truly lack the ability to repay them. If they're convinced of that, then accepting less than full payment would be a smart business decision on behalf of the SBA.
