SBA 7a) Loans Are Made Usually for 1 to 3

question 64

True/False

SBA 7a) loans are made usually for 1 to 3 years in amounts up to $5,000,000, require collateral, and can be used for most business purposes.

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Definitions:

Bankruptcy Law

Bankruptcy Law refers to regulations that govern the process by which individuals or entities unable to pay their debts can seek relief through a legal declaration of bankruptcy.

Proceedings

A series of actions or steps taken in order to achieve a particular legal outcome or to conduct official business.

Diversity Jurisdiction

Diversity jurisdiction is a form of subject-matter jurisdiction in U.S. federal courts that allows for lawsuits between parties from different states or countries.

Federal District Court

The general trial courts of the United States federal court system where most federal legal cases are initially tried and decided.