SBA Releases SOP 50 10 7

The effective date for the new SOP 50 10 7 is August 1, 2023.

Download SOP 50 10 7

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.