Of all the fundings options available for small businesses, SBA as better known as Small Business Administration loans are the best business loans to finance one’s enterprise. Getting a perfect small business loan not only helps your business grow but also reduce major risk of getting a debt hit.
So, now that you have got the funds, you will at-least be satisfied and at peace about running your enterprise and working on the future goals. But, have you ever noticed that right after your secure a business loan for your company, somehow you start receiving more calls from the companies offering loans?
Yes, that’s right, those 101 telemarketing calls from lenders and brokers, leaving you to wonder, where were they when you needed them? However, more than anything, putting a stop on these calls. So, how to do that? For that, you must know about something known as UCC lien.
What Exactly is UCC Lien?
UCC is a notice that the lender has to file to post a claim on borrower’s assets under US Uniform Commercial Code. In simple words, its like setting up your loan agreement terms. The UCC lien lets your lender stake a priority claim on your business assets including business property, securities, negotiable instruments, or anything as stated in the loan agreement.
A UCC lien is applicable for five years, and once the lender issues the loan, they need to file UCC-1 Financing Statement at the office of Secretary of State at all your business locations. The UCC liens are public records; so if anyone wants to search for a particular state’s UCC liens, they can quickly get the information required.
How’s UCC Liens and 101 Call Related?
Now that you are aware of UCC liens, the important question is, why do you start receiving telemarketing calls from different financial sources after applying for the loans?
For finding new merchants or users, the companies rely on the UCC lists, because the UCC document has all the necessary information that a tele-caller would like to get. The information includes: Your Name, Company’s Name, Registered Phone number, Mailing Address, Number of Employees, Lender Information, Date of Registration, and UCC Filing Date, etc.
The reason telemarketing companies want to get your information is because they see an individual who has taken the loan in the past and might look for more money in the near future. The situation is very similar to when you have exhausted your credit card limit, and you start receiving telemarketing calls offering you new credit cards.
UCC records contain the most reliable and authentic information of the business, and since companies can tell from the date of UCC filing, the leads are already warm, they see you as a prospective client who might require more funding.
How to Stop These Telemarketing Calls?
UCC lien record is available for five years-unless the loan term is longer, it will be renewed and be available for five more years. Due to this record, it will be difficult for you to stop these telemarketing calls. However, here are some easy approaches for you to try your hands on to avoid these calls.
- Termination of UCC-1 Filing on Completion of Loan Payment:
Once you pay the complete loan amount, you can ask your lender to terminate the UCC filing. Most of the lenders do not terminate the UCC-1 filing automatically. Therefore, you may have to ask them in written, especially if your loan lasts for odd years than even ( like 7 or 11 years). Since the lien renews after every five years, your information can be available for many years, if not taken care on time.
- National DND Registry
You can also register your work phone number with Do Not Call listing. After 31 days of registering your business number with National DND, telemarketers are not supposed to call on your registered number. Though some may find different work arounds, in case you are still getting disturbed, feel free to lodge a complaint with www.donotcall.gov.
To conclude, we can say the telemarketing calls can be really irritating. While most of the people just disconnect the calls on the very first, Hello! You really cannot do much about them.
However, don’t let these calls affect your business and the need for securing more loans when needed. Be smart and work on repaying your loan as soon as possible and get your lender terminate the UCC filing to get your number off the UCC lien records. And, whenever required, you can save the information of different financial sourcing companies for your future reference and call them on your own.