Legal Question in Business Law in California

My business partner and I were 50/50 partners when we took out an EIDL loan. A year later, we changed to 60/40. Does the loan stay as contracted or move to the 60/40 ownership structure?

Asked on 2/07/24, 6:44 pm

1 Answer from Attorneys

Edward Hoffman Law Offices of Edward A. Hoffman

Borrowers cannot change the terms of a loan agreement without the consent of the lender. That agreement thus remains in effect as written.

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Answered on 2/07/24, 6:52 pm

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