SBA Releases SOP 50 10 7
The effective date for the new SOP 50 10 7 is August 1, 2023.
New Changes Include:
- Eligibility
- Credit Elsewhere
- Guaranty Fees
- Insurance Requirements
- Change of Ownership
- Loan Maturities
- Interest Rates
- Underwriting Standards Loans over $500,000
- Collateral
- SBA Underwriting for SBA Small Loans and SBA Express
- Affiliation
- Franchises
Expectations:
There will probably be a new 1919 coming out soon to reflect the changes in the SOP.
There is no longer a requirement for a SBA loan authorization.
Expect to see changes in the near future as a result of the House and Senate hearings.