December 2, 2016
By Bob Coleman
Editor, SBA Hot Topic Special Edition
SBA Hot Topic Special Friday Edition! — SBA Releases New Litigation Plan Form for 7(a) and 504
Check out SBA’s new litigation plan template for 7(a) and 504 SBA Loans.
This is a game changer in terms of the ease of preparation of a litigation plan. There are no major changes in what is required but it is organized in a more efficient easier to use form that requires less attached documentation.
The streamlined form will significantly increase lender productivity and reduce errors in communicating complex legal and liquidation information to SBA.
The process should also decrease SBA’s response times to lenders who seek approval for legal actions and expenses, plus reimbursement of care and preservation of collateral expenses.
Use of the form is effective December 1, 2016.
For further information check out the 12/20 Coleman webinar, “SBA 7(a) and 504 Litigation Plan and Wrap-Up Reports: How to Receive SBA Approval with the Just Released Mandatory Litigation Plan Template”