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….
- 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.
- A revised SOP 5057 will be also issued in the Fall, effective January 1.
- SBA will allow those needing to submit fingerprints for Form 912 to be collected online, reducing clearance time from 30 to 2-4 days.
- SBA has forwarded 4.5 million email leads and approved 200,000 loans from Lender Match. Look for more streamlined changes.
- 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.
- 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!