« on: May 30, 2006, 09:44:14 PM »
A good friend of my family is starting a business in which he's asking for a loan from the SBA. He has went through all the hoops and was supposed to get his money this week. They called and told him that he had a prior balance with them for 6900 dollars. He's had two prior SBA loans, one was from 1982 and one was from the late 80's. He knows for the sure the one from the 80's was paid in full. The SBA is telling him that the 6900 is a "concession" amount from the early 80's. They never brought it up or asked for payment on it when he got the second loan(late 80's). They have absolutely no paperwork to show that he owes this money. He's asked for copies and they can't provide him with the promissory note or even tell him what the terms of the loan were. I'm fairly certain there is no statute of limitations on the federal goverment, as they don't have to abide by any state laws if it is in the interest of the national taxpayers or something along those lines. I read Summerlin and Guarenty Trust and a couple others, but they don't seem to have the same facts.
Any ideas would be great!
Thanks in advance!