Frequently Asked Questions:
Is the ACH debit required or optional?
Yes, it is required.
After an ACH reject, does Colsons debit my account again for that payment?
No, Colsons does not debit twice in any month; check has to be mailed or wired.
Will I receive monthly statements for my SBA account?
No
Is there a late fee and what is it?
Yes, it is 5% of your monthly payment or $100 whichever is greater.
Can the prepayment penalty be waived for any reason?
No
Am I allowed to prepay my loan only twice a year?
No, you can prepay your loan any month with the proper notification.
Are partial paydowns allowed?
No
Am I allowed to take equity out of my property?
Yes, but the equity loan would have to be in a third lien position.
Are the SBA 504 Loans Assumable?
Yes, with a fee of 1% of the loan balance.
What documents do I need to provide SomerCor on an annual basis?
Signed Financial Statements or Tax Returns
Insurance: Hazard, Life, Business Personal Property, General Liability & Workers Compensation (when required).
Are tax returns accepted in lieu of financial statements?
Yes
What options are available to help in times of financial hardship?
Deferment & Payment Plans are available
How long does it take to receive an approval from the SBA?
10 Business Days
What hours is someone available to answer my questions?
6:30AM – 4:30PM
If your question was not addressed please contact the Servicing Department, Terry Boston 312-360-3331 or Crystal Howard 312-360-3310.
