June 18, 2019

By Bob Coleman
Editor, SBA Hot Topic Tuesday

SBA Hot Topic Tuesday — Six Takeaways You Need to Know from America West — New SOPs Announced, SBA Rules for Lender Oversight, Revamped Lender Match, Credit Elsewhere, more….

  1. SBA is updating the SOP 5010 5 and it will be replaced with the SOP 5010 6 in the Fall. There will be a major organization by separate lending programs.
  2. A revised SOP 5057 will be also issued in the Fall, effective January 1.
  3. SBA will allow those needing to submit fingerprints for Form 912 to be collected online, reducing clearance time from 30 to 2-4 days.
  4. SBA has forwarded 4.5 million email leads and approved 200,000 loans from Lender Match. Look for more streamlined changes.
  5. Proposed new SBA regulatory guidelines in compliance with The Small Business 7(a) Lending Oversight Reform Act of 2018 will be published “soon” in the Federal Register — affecting lenders with portfolios in excess of $10 million.
  6. Failure to address “credit elsewhere” in the credit memo is a reason for the denial of the guaranty.

Finally, don’t forget one/half of the U.S. GDP is from small business!