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What is the time frame for payment once a demand for guarantee has been made?

April 26, 2017DEMAND frame guarantee payment time

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10 Posted

What is the time frame for payment once a demand for guarantee has been made?

1 Answer

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10 Posted

Once the lender has liquidated against collateral they may make demand against the SBFDC for payment pursuant to its guarantee. The SBFDC will immediately review lender?s file to determine whether the lender has perfected upon collateral and followed the terms and conditions outlined in the original commitment letter and guarantee. A request is then sent to the State of California Business, Transportation & Housing Agency for payment. Payment is expected in 21 days or less.