How to Swiftly Cancel Your SBA Loan Application
The U.S. Small Business Association is a department of the U.S. government that focuses solely on seeing small businesses succeed. Small businesses are the backbone of the United States economy, accounting for 31.7 million of the total business in the country. Unfortunately, during times of great economic stress, such as a pandemic, small businesses are some of the first businesses to suffer. During these times, the Small Business Association can partner with financial institutions and extend a helping hand by offering an SBA loan to small business owners.
The best possible outcome is for businesses is to improve enough to no longer need an active SBA loan. If your small business has picked back up and you no longer need a loan, you may be wondering how to cancel your SBA loan application. This DoNotPay guide will walk you through what it takes to successfully cancel your SBA loan application, as well as offer an alternative to figuring out how to do it on your own.
About SBA Loan Applications
An SBA loan is a small business loan that is partially guaranteed by the government, so it has a much lower risk for both the borrower and the financial institution. The benefits of applying for an SBA loan if your business is struggling include:
- Generous payment terms
- Lower interest rates than traditional loans
- Easily accessible
- Flexible uses
However, if you have an active SBA loan application and you need to cancel it because you no longer need a small business loan, we can help you understand how to successfully cancel your SBA loan application in the following sections.
How Do I Cancel An SBA Loan Application?
As a business owner, there are few things as stressful as watching your business struggle. The entire purpose of the Small Business Association is to help your small business grow and thrive. Perhaps for a moment, you felt that you needed to take advantage of an SBA loan and sent in an application, but now your business has leveled out and revenue has become more steady. Congratulations. Now it's time to cancel your SBA loan application which you can do so by following these steps:
- Find your loan name and number.
- Send that information and a cancellation request to firstname.lastname@example.org.
- If you received funds less than five days ago, contact your lender and they will withdraw it within seven business days.
If your application has already gone through but you have only received partial funds for the lender to withdraw, you will be required to repay the rest as you receive it. Keep in mind that canceling your SBA loan application and repaying your loan immediately will not negatively affect your credit score.
You have enough going on as a small business owner. Taking the time out of your busy day to cancel an SBA loan application can be frustrating. With DoNotPay's Cancel Anything product, you can rest assured that your SBA loan application will be successfully canceled without needing to take any unnecessary steps. Simply provide us with a little information and we will take care of the rest of the work on your behalf. Follow the steps below to get started.
SBA Details and Contact Information
|SBA Website||Small Business Administration (sba.gov)|
|SBA Customer Support Number||800-827-5722|
|SBA Support Email Addressemail@example.com|
|Hours of Operation||Monday to Friday||9:00 am to 6:00 pm|
|SBA Loan Status Monitoring Website||Capital Access Financial System (sba.gov)|
|CAFS Contact Form||Contact SBA CAFS|
|CAFS Customer Support Number||833-572-0502|
|SBA Loan Center Locations and Contact Details||Loan and Guaranty Centers (sba.gov)|
How DoNotPay Can Help Cancel Your SBA Loan Application
If you are ready to cancel your SBA loan application but are not sure where to start, you have come to the right place. DoNotPay has you covered in three simple steps:
- Search for the Cancel Anything product on DoNotPay.
- Enter the name of the company you need to cancel your order/payment with.
- Answer a few questions about whatever you need to cancel so that we can compose a cancellation letter.
Once you submit the details, we'll work on generating a cancel request for you.
DoNotPay Works Across Multiple Companies
When it comes to canceling orders, you want to make sure you do it the right way so you get a full refund. Sometimes, that is not an easy task and that's where DoNotPay comes in. If you need to cancel an order or demand a refund, DoNotPay is here to make the process easier to understand to earn you the most successful outcome. We can help you get refunds at any retailer, including:
What Else Can DoNotPay Do?
DoNotPay has been in the business of helping our customers save money and simplify their lives for many years. Our products can help you by taking the hard work out of tasks that shouldn't take up all your time. When you use DoNotPay products, you can rest assured that these important tasks will be taken care of so you can get back to living. Our products can help you:
- Learn more about burner phones
- Sign up for free trials
- Contact customer services for any business
- Negotiate hotel bills
- Set up automatic payments on your bills
- Understand chargebacks and refunds
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- Apply for credit cards
Sign up for DoNotPay to get started today!