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Olie1977
06-15-2013, 11:14 PM
My wife & I are purchasing a business. We have already been approved for our loan that is being backed by the SBA. The SBA has stated that our guarantor take out a Certificate of Deposit (CD) to be used as collateral against the loan. I am having a problem finding a bank willing to sign the Acknowledgment of Assignment of deposit account form. Anyone know of a bank out there that will do it? The vast majority we are finding wont do it unless we take out the loan through their bank.

The form states that the bank acknowledges that this CD is being used as collateral against our loan & that the guarantor cannot touch this account until the lender states that they can.

Our lender is not a typical bank in that we cannot get a CD through them, they are a NPO that helps small businesses obtain SBA loans. So getting one from them does not work.

Freelancier
06-16-2013, 08:02 AM
Try Schwab or similar? An investment house is not a typical "bank" and they are used to complex arrangements (like trusts and such).

OR... go back to the lender, since they've likely done this before, and have them give you a list of institutions that they've done this with.

phanio
06-23-2013, 08:07 AM
Any local national bank will meet your needs. They want the deposit and will try to get all your business. Use that leverage to get them to sign what ever you need signed. If that does not work, look for a local bank that offers SBA loans - they at least should understand what you want and need. Lastly, what about your own bank - if they want your business - your continued business with your new company, they should be willing to do what you want.