Question about EIDL - we have been offered on a few companies EIDL loans for up to $150K. As the terms of 30 years @ 3.75% for a business loan are pretty attractive, are there reasons not to take the loans ( assuming we have ability to pay it back obviously)? There have been some saying that SBA loans may be onerous for the collateral ( i.e. would need SBA approval to sell any assets that are collateral) or documentation that would be required to be kept for the entire terms of the loan to prove it was used only for certain purposes, or may be required to hire an external accounting review etc... Was wondering what others thoughts were on these.
Also, what is the case if you do not have collateral for your business?