How to Close and Fund without an SBA 7(a) Loan Authorization — 8/2

Effective August 1 the New SOP 5010 7 Eliminates the Existing Loan Authorization

Attend the Live Webinar Event
Wednesday, August 2, 2pm Eastern.

August 2, 2023 Webinar Registration Link

How to Close and Fund without an SBA 7(a) Loan Authorization

With the release of SBA’s updated 50 10 7 SBA accelerated the elimination of the loan authorization. Which was quickly reversed due to Congressional and industry uproar.

The problem was pushed forward many months until the new effective date of August 1.

Well, those months have passed and here we are. On Monday, August 1 SBA will no longer require the SBA 7(a) Loan Authorization.

Coleman SBA award-winning instructor Lance Sexton will sort this mess out and present solutions to your loan closing questions.

Streamlined Loan Closing Process: During the webinar, lending staff will learn about developing a workflow to avoid E-Tran input mistakes. They will be taught how to prepare their own lender’s loan authorization and how to document missing information effectively. This knowledge will enable them to streamline the loan closing process, ensuring a smooth and error-free experience for both the lender and the borrower.

Effective Utilization of Checklists: Lending staff will be provided with checklists to replace the Wizard template. These checklists will serve as a comprehensive guide, helping loan officers ensure that all necessary steps are followed and no critical details are missed during the closing process. By utilizing these checklists, lending staff will be able to maintain accuracy and consistency in their loan documentation.

Enhanced Understanding of E-Tran Processing: The webinar will focus on tips and best practices for E-Tran processing. This will enable lending staff to navigate the E-Tran system with ease, minimizing errors and maximizing efficiency. They will also learn how to handle and correct E-Tran mistakes, ensuring accurate and timely loan processing.

Familiarity with SBA Approval Processes: Lending staff will gain an understanding of the various actions that require SBA’s approval after approval. This knowledge will empower them to take appropriate actions within the approved loan framework and avoid any potential compliance issues. Additionally, they will learn about the actions that lenders may unilaterally approve after approval, such as increases or decreases in loan amount or guaranty percentage. This comprehensive understanding of the SBA approval processes will enable lending staff to navigate complex loan scenarios confidently.

Overall, attending this Coleman webinar will equip lending staff with the necessary knowledge and skills to enhance their loan closing capabilities. They will learn practical strategies to avoid common pitfalls, streamline the loan closing process, and ensure compliance with SBA regulations. By incorporating the insights gained from this webinar, lending staff can provide a more efficient and reliable lending experience to their clients.

Your SBA Loan Department will learn:

  • How to prepare your own lender’s loan authorization
  • Developing a work-flow to avoid E-Tran input mistakes
  • Logistically replacing the Wizard template
  • Using checklists to replace the Wizard
  • Matching the credit memo with E-Tran
  • Documenting missing information in loan closing
  • Tips for E-Tran processing
  • Correcting E-Tran mistakes
  • Actions requiring SBA’s approval after approval
  • Unilateral closing actions lenders may approve after approval
  • Handling increases or decreases in loan amount or guaranty percentage
  • Avoiding traps when dealing with loans less than $500,000
  • Avoiding traps when dealing with loans more than $500,000
  • Understanding the changes made by the New SOP 5010 7 in closing and funding without SBA 7(a) Loan Authorization
  • Providing solutions to loan closing questions.

Lance Sexton will cover these topics in the webinar to equip your staff with the necessary knowledge and skills for loan closing processes.

Coleman Report Webinar Benefits:

  • Coleman Report webinars provide solutions to problems that left unaddressed will jeopardize the SBA loan guarantee.
  • We give management the tools to create prudent credit boxes compliant with SBA’s standard operating procedures.
  • We train your staff to ensure compliance of existing and new SBA rules and regulations.
  • Tips that solve difficult SBA underwriting, servicing and liquidation challenges.

Lance Sexton, Coleman Faculty Instructor
A former small business owner, Lance Sexton has a successful history of working with small business owners and students related to entrepreneurship and SBA loan origination, servicing, and liquidation.
He has received three training industry awards for his webinar instruction and his 8-week loan closing course.
Lance has over 30 years of experience, including ten years directly managing portfolios of SBA loans. Lance was an entrepreneurship faculty member of the Sam M. Walton College of Business at the University of Arkansas. He is an Executive Vice President of Fountainhead Commercial Capital and has been affiliated with Coleman Publishing for over eight years.

Bob Coleman is the Author of “Money Money Everywhere and Not a Drop for Main Street.” He is the founder of Coleman Publishing, a publisher of newsletters, reports, data, conferences, webinars, online training videos — to help finance professionals become small business lending experts.
Bob is the nationally recognized expert on small business financing. He has appeared frequently on Fox Business News, NPR and other numerous media outlets. He is sourced by all print media. He is a frequent speaker about small business lending throughout the US and EU. Bob has a BA in Medieval History from the University of California Santa Barbara and a MBA in Real Estate Finance from the University of Southern California.
Bob has earned numerous awards as a producer of events and video training.
His passion is getting capital to Main Street and Rural American small business.

How the Webinar Works

We use GoToWebinar as the webinar platform.
We will open the webinar for attendees to join at 1:30 pm ET. This will give each attendee thirty minutes before the webinar begins to troubleshoot any technical issues. Call (818) 790-4591 if you need assistance.

Recording
All Coleman webinars are recorded and a link is sent to all attendees.

Single Site License
The single site license grants your institution one viewing of the webinar. It is permissible to use a single site license on one device in a conference room to be viewed by multiple attendees The webinar can be viewed on any device.

Multiple Site License
A multiple site license is an unlimited access pass for anyone at your institution. You will be given a link that will be usable to anyone with your email domain.

Webinar Links and Handouts
The webinar link will be included on your sales receipt.
The link will also be included when we send the presentation and handouts. These will be sent by eod the day before.

Participants Earn Certificates of Participation
All Coleman Webinar attendees will receive a certificate of participation. This documents your continuing education history for SBA and your regulators.

Questions
Questions throughout the webinar are strongly encouraged. There are two ways to ask a question. The first is to ask the question via the chat box on the GoToWebinar dashboard. The second is to send an email to joseph@colemanreport.com. Also, feel free to ask pre and post-webinar questions.

Telephone Only Option
You may also choose to listen to the program on your telephone. The phone number will be provided with the handouts.

The Fine Print
1) Substitutions are allowed at no charge.
2) Cancellations receive a 100% credit for any Coleman product.
3) As with all our products, we offer a 100% money back satisfaction guarantee — no questions asked.

Three Easy Ways to Order
1) ONLINE — Register and pay online via Paypal
2) EMAIL –Send an email to joseph@colemanreport.com with “Webinar Registration” in the Subject Line. We will do all the paperwork and either send you a sales receipt or an invoice. Pay your Quickbooks generated invoice with a credit card. Download a Registration Form
3) PHONE — Call Joseph, Bob or Michael at 818-790-4591.

Bob Coleman
Founder & Publisher