• Overview
• Initial Start-up
• Intensive Servicing Functions
• General Servicing Functions
• Reporting
• Additional Servicing Options

Collections

Business Lenders will make every effort to maintain a low level of delinquency. Our internal collection process for all delinquency accounts is as follows:

• 10 - 20 days - letter to borrower
• 20 - 29 days - telephone contact
• 30 - 60 days - intensive collection/contact potential modification considered
• 60 - 90 days - continue collection, demand loan if necessary, site visit performed
• 90+ days - non-accrual, decision to maintain, restructure, liquidate, and/or commence legal action

The steps above are included in the basic fee, except for the cost of the site visit and any required legal action. Business Lenders issues internally generated demand letters, but will be flexible to fit the needs of the Client.

Workout/Liquidation

Business Lenders' Workout Department is capable of handling all workouts and liquidations in accordance with SBA regulations. We will prepare and submit the repurchase request to the SBA for the loans that exceed ninety days of delinquency. In addition, Business Lenders will obtain the Client's approval of a workout or liquidation plan for each loan and will then proceed in accordance to the plan.

The decision as to the ultimate course of action will be the responsibility of the Client. If any action requires prior SBA approval, Business Lenders will complete the necessary forms and obtain the SBA's approval. When Business Lenders has completed the liquidation of a loan, we will prepare a wrap-up report and submit it to the SBA. When satisfied the SBA will close its file and charge-off the loan. All internal work will be included within the basic fee. However, any fees or costs outside of Business Lenders' internal work product will be the responsibility of the Client.