If you have completed your MBA, you may be eligible to apply for SBA Administration programs. To qualify, you will need to be a US citizen and hold a managerial position in a publicly-held company for at least one year. You must also have successfully finished any additional education that you received outside of your MBA program. Your application must also include an objective statement that highlights the key role you intend to play in assisting SBA clients achieve their goal of financial success. The objective statement should provide an analysis of the company's need for an SBA loan officer and a description of the skills, experience, and training you have acquired in your role as an applicant.
The SBA administers a loan program known as the Vocational Success Loan Program or VSLP. One of the ways you can get approved for this loan program is if you have an SBA approved Vocational Interests Certificate (VEC) or your plan does not include a loan. For instance, if you do not have a loan, you may still be eligible for VEC or another loan option that would have SBA interest payments deferred until after you attain your MBA degree. Eligibility requirements for VECs vary by lender.
In order to get the benefits of a VEC, you must complete and submit a request to the SBA. If your lender has a certificate of eligibility, your application will be forwarded to the appropriate regional office for a processing date. At the pre-screening meeting, your lender will determine if your planned interest payments during the term of the VEC meet the requirements of the lender's loan program and if your expected salary does not exceed the maximum limit for eligible borrowers.
Loan forgiveness may be available to a borrower who has not fulfilled his or her loan term requirements. Loan forgiveness will reduce the borrower's monthly loan amount over an extended period. Loan forgiveness is not available to borrowers who are delinquent on their loans. When a borrower's loan becomes delinquent, the lender will suspend the borrower's obligation to repay. In most cases, a borrower can reinstate his loan at any time within the two years of delinquency without losing his or her eligibility for loan forgiveness.
To find out more about applying for loan forgiveness, contact the SBA. The SBA administers the Employer Voluntary Insurance Program (EVP). The agency provides loan forgiveness to eligible applicants who cannot meet the income or work requirements of the loan scheme they applied to. To be eligible for loan forgiveness, applicants must have reached the age of sixty-five or obtain a GED.
Notices of default will continue until all loan balances are repaid. If a borrower is late . . . . . . in making a payment on his VA, Medicaid, or VA loans, he or she can expect to lose eligibility for the Employer Voluntary Insurance Program (EVP). In addition, if the borrower has not repaid one or more loans for five or more days, he or she will lose eligibility for the Loan Modification Program (LMP). The SBA works with borrowers and lenders to help them find ways to reinstate their loan without losing access to either program. To learn more about what borrowers need to know about these two programs, contact your local SBA office.