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Need help finding a bank.

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Need help finding a bank.

Postby William Blackford » Mon Jun 17, 2013 12:48 am

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.
William Blackford
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Joined: Mon Jun 17, 2013 12:40 am

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