SBA UCC Filing Requirements - Need Help Understanding Debtor Name Rules

This is correct. SBA will reject the entire loan package if there's any discrepancy between the UCC debtor name and the charter name. They're super picky about document consistency.

Wait, but what if the business has been filing taxes under the DBA for years? Doesn't that create a valid business name too?

Oh no, I think this might be my problem. My loan docs have a mix of both names throughout. Do I need to redo everything?

You might need to amend some docs. SBA reviewers are trained to catch these inconsistencies and they WILL find them.

This is why I started using Certana.ai's document checker. You can upload your charter docs and UCC-1 together and it instantly flags any name mismatches before you submit. Saved me from a rejected SBA package last month.

Exactly. State UCC rules and federal SBA rules are totally different beasts. What works for a regular commercial loan might not fly with SBA.

I made this mistake thinking the rules were the same. Cost me a 3-week delay on a time-sensitive deal.

THIS! The comma thing got me once. Had to refile the UCC-1 because the charter had a comma before LLC but I didn't include it.

Are you serious about the comma? That seems excessive even for SBA.

Dead serious. SBA underwriters are looking for any reason to kick back incomplete packages. Every character matters.

Good point. I usually include serial numbers for major equipment items when possible. Makes the collateral description much stronger.

How detailed do you need to get? Like do you need every single piece of equipment listed out?

Not every piece, but categories and major items. Think 'manufacturing equipment including but not limited to XYZ press model ABC123, packaging equipment, etc.' rather than just 'equipment.

Wait, what if the equipment is in a different state? Do you need to file there too?

For SBA purposes, usually just the state of incorporation unless it's fixtures or other special collateral. But check with your SBA lender to be sure.

How does that work exactly? Do you just upload the documents and it compares them?

Yeah, you upload your charter docs, UCC-1, security agreement, whatever you want cross-checked. It flags inconsistencies in names, dates, amounts, etc. Super helpful for complex deals.

That actually sounds really useful. I'm always paranoid about missing something on SBA packages.

Learned this lesson the hard way. SBA doesn't mess around with document accuracy.

Thanks everyone, this is exactly the kind of guidance I needed. Going with the full charter name and double-checking everything.

Good reminder. I use a spreadsheet to track all my UCC continuation dates. Too easy to forget otherwise.

Do you need to notify SBA when you file the continuation or do they not care as long as it's done?

Usually just need to keep your files updated. They care that it's done but don't need notification unless they ask.

How do you check good standing status? Through the SOS website?

Yes, Illinois has an online business entity search. You can verify status and get certificates there.

This thread has been incredibly helpful. Thanks for all the detailed advice everyone!