Current Borrowers
Loan Servicing
Meet Rochelle and Sarah, our Loan Servicing gurus who will be assisting you throughout the life of your loan.
Rochelle Anderson
Portfolio Manager
Sarah Hauser
Loan Closing / Servicing
Please feel free to contact Rochelle or Sarah at any time. They will be available to answer any questions you have regarding your loan, repayment plan, etc. at the email below.
Update Contact Information
It is important that our Loan Servicing team is aware of any changes to you or your business’ contact information.
To make any updates, please email [email protected] and include the following information:
- Your Name
- Business Name
- Loan Number
- Phone Number (in case we need to reach you)
- New information/updates to be made
Change ACH Accounts
If you would like to change the account that your monthly payment is being debited, you will need to submit a new ACH (Automated Clearing House) Form and send a canceled check to our office.
Please note that we must receive the form prior to the 13th of the month for the change to take effect the following week. If the 13th of the month falls on a weekend, it must be received on the Friday before the 13th.
Please email [email protected] to request an ACH form.
Check My Loan Balance
Your loan balance is listed on the amortization schedule that was provided to you after your loan was originally funded. As long as a payment has not been missed, the amortization schedule will be accurate.
If you need further assistance with your loan balance or need a new copy of your amortization schedule, email [email protected]. Please be sure to include your name, business name, loan number, and phone number.
Request Interest Statement
Annual Interest Statements containing interest and principal payments for the year will be mailed out from our Loan Servicing team. You can expect to receive them annually, sometime in February.
If for some reason you do not receive your statement and would like to request a copy, please email [email protected] and include your name, business name, loan number, and phone number. Note: we do not have access to this information until after January 31st.
Submit Documents
As you begin repaying your loan, our team will need to periodically collect current financials and other information from you.
Annual Financials
The SBA requires that Dakota Business Lending collect tax returns on an annual basis for your business(es). You can send them to our Loan Servicing team at the email below.
Submit Insurance Changes or Renewals
Our team is also required to have a current copy of each borrower’s hazard insurance on the building and/or business personal property such as equipment. Other types of insurance may also apply to your specific loan. We ask that your insurance agent include the following information on the proof-of-insurance certificate:
- Borrower’s name, loan number, property address, policy number, and expiration date.
- The following verbiage must appear on the ACORD: “Full Replacement Cost” and “10-day written notice of cancellation.”
- CDC and SBA named as 2nd Mortgagee and/or Lender Loss Payable as follows:
2nd Mortgage and Lender Loss Payable
Dakota Business Lending
5630 36th Ave S
Fargo, ND 58104
Please submit your proof of insurance via the following email: [email protected]
Frequently Asked Questions
What is required after receiving an SBA loan?
After receiving an SBA loan, borrowers are responsible for several ongoing requirements. These typically include keeping contact information current, submitting annual income tax returns and financial statements, maintaining adequate insurance coverage, making property tax payments on time, and completing a two-year job creation and retention report. Staying on top of these obligations helps ensure your loan remains in good standing.
How can I make SBA loan payments?
SBA loan payments are typically collected through automatic monthly withdrawals from your designated bank account via ACH (Automated Clearing House). The specific payment method and schedule depend on your lender and loan servicer. Contact your loan servicer if you need to update your bank account information or have questions about your payment schedule.
Can I refinance an existing SBA loan?
Yes, existing SBA debt can be refinanced. Government-guaranteed loans such as SBA 504 and SBA 7(a) are eligible through the SBA 504 Debt Refinance program. Other existing commercial real estate, equipment, or long-term fixed asset debt may also qualify for refinancing. Refinancing can help lower monthly payments, lock in a fixed interest rate, and improve cash flow.
What happens if I default on an SBA loan?
If you default on an SBA loan, any collateral securing the loan is liquidated and the proceeds are applied toward the outstanding balance. If a balance remains after liquidation, the lender may pursue recovery through personal guarantees provided by the business owners. Defaulting on an SBA loan can significantly impact your personal credit and your ability to secure future financing. Contact your lender as early as possible if you are experiencing financial difficulty.
Are there any loan forgiveness options for SBA loans?
There are currently no loan forgiveness programs available for standard SBA loans, including the SBA 504 and SBA 7(a) programs. Borrowers are responsible for repaying the full loan amount according to the terms of their agreement. If you are facing financial hardship, contact your lender or loan servicer to discuss potential options such as restructuring or deferment.
What is the average length of an SBA loan?
SBA loan terms vary depending on the program and the use of funds. Real estate loans typically range from 20 to 25 years, equipment loans range from 7 to 10 years, and working capital loans are generally 3 to 5 years. The SBA 504 program offers terms of 10, 20, or 25 years specifically for long-term fixed assets. Longer terms result in lower monthly payments, which helps businesses preserve cash flow.
Can I prepay or pay off an SBA loan early without penalties?
It depends on the loan program and term length. All SBA 504 loans carry a prepayment penalty that decreases over time during the first half of the loan term and eventually reaches zero. SBA 7(a) loans with a term of 15 years or more also have prepayment penalties, while SBA 7(a) loans with terms under 15 years can be paid off early without penalty. Review the specific terms of your loan agreement or contact your lender for details on your prepayment schedule.
What are the typical terms and conditions of an SBA loan?
SBA loan terms and conditions vary based on the loan program, collateral, lender, use of funds, and overall project risk. Common variables include the interest rate (fixed or variable), repayment term length, down payment amount, collateral requirements, and personal guarantee obligations. Because every project is different, it is best to discuss your specific needs with your lender to understand the exact terms that would apply to your financing.
Other Questions?
For any other questions about your loan, contact [email protected]. Please be sure to include your name, business name, loan number, and phone number in the email.
