A Useful Guide to Life Insurance for SBA Loans
You’re very excited that you have gone into entrepreneurship. The prospects look great, and the Small Business Administration has shown promise of backing your venture up by giving you a loan. But, there is a small issue. For you to get the Small business loan, you should have life insurance.
Due to the excitement of starting their businesses, a lot of the first-time entrepreneurs overlook some of the requirements of getting an SBA loan for example, life insurance. When giving entrepreneurs loans, the SBA must protect itself. The purpose of the life insurance is to protect the lender and the family of the owner. Life insurance policies bought for the purpose of SBA loans have to be for the full SBA loan amount and the lender must be the primary beneficiary.
You could consider locating and getting approval for a life …