SBA Form 155 at a glance
What it is: SBA Form 155 is the STANDBY CREDITOR'S AGREEMENT of the U.S. Small Business Administration.
Who signs: Enter the date after Dated, then Standby Creditor signs after By: (signature) and prints the name after (name).
What to bring and attach to SBA Form 155
A Copy of Standby Note is attached.
A filled-in SBA Form 155 example: a Standby Creditor signs the agreement
How to fill out SBA Form 155, box by box
Standby Loan and Lender's Loan
Enter the principal and the interest that the Standby Borrower owes the Standby Creditor as of the date of this Agreement.
Enter the Lender, the Loan Number and the amount of Lender's Loan, the SBA guaranteed loan to Standby Borrower or guaranteed by Standby Borrower.
Standby Creditor agrees (check only one box)
Standby Creditor agrees: (Check only one box)
Box 1: To accept no further payments on the Standby Loan until Lender's Loan is satisfied.
Enter the rate in To accept interest only payments at a rate of ___% per annum (no principal payments) on Standby Loan until Lender's Loan is satisfied or until notified by Lender to stop accepting payments.
Enter the rate in To accept payments of principal and interest at the rate of ___% per annum on the Standby Loan unless notified by Lender to stop accepting payments.
Enter the rate in To accept payments of principal and interest at the rate of ___% per annum beginning, and fill in the line after on.
Date and signature
Enter the date after Dated, then Standby Creditor signs after By: (signature) and prints the name after (name).
More rules for SBA Form 155
2. To turn over to Lender payments received by Standby Creditor from Standby Borrower in violation of this Agreement within 15 days of receipt.
3. To take no action to enforce claims against Standby Borrower on the Standby Loan until Lender's Loan is satisfied.
4. To take no action against Standby Borrower's collateral, without written consent from the Lender, until Lender's Loan is satisfied.
5. To sign appropriate documentation required by Lender to subordinate to Lender's Loan secured interests in collateral that secures the Standby Loan.
This Agreement applies to any successor to the Standby Creditor or assignee of this Agreement or of Standby Creditor's Loan, including any bankruptcy trustee or receiver or guarantors or sureties of Standby Creditor Loan.
Additional Loans made by Standby Creditor will be subject to the terms of this Agreement, unless Lender agrees otherwise in writing.
Sources
[1] SBA Form 155 (9/98), Standby Creditor's Agreement, U.S. Small Business Administration (the Official source link on this page).