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.