An SBA Answer In An Hour!
Yes, it happened. We got an SBA answer in an hour! It is hard to believe as we usually wait many months for other Offer in Compromises to surface and now all of a sudden we get a call back from the banker in an hour with an answer. OK, it was a rejection, but it was still an answer!
How did this happen? Some banks are so affiliated with the SBA they are granted the authority to accept or reject Offers in Compromise on behalf of the SBA. They email all the information to the SBA, who reviews and sends back their agreement to the bank’s decision. (This same bank took a few weeks on another loan, so this may be a trend, although we also probably have a few dozen in the waiting line counting off the months as we wait to hear.)
We cannot determine who has what powers but it is an interesting fact of this business; apparently some banks are so wired in they are, in essence, acting on behalf of the SBA. Hallelujah for a quick answer!
