What you Need to Know about SBA’s New SOP 5010 6

What you Need to Know about SBA’s New SOP 5010 6
A Review of All October 1, 2020 Changes. This 75-minute webinar lets your SBA lenders earn e-certification.

Date: Thursday, October 1, 2020
Time: 2:00 p.m. Eastern

The major rewrite of SBA’s Standard Operating Procedure includes numerous changes to SBA’s 7(a) and 504 lending programs effective October 1.

Coleman webinar instructor and former SBA Deputy Director of the Little Rock Commercial Loan Center, Lance Sexton will review and walk you through all the changes in this professional, concise presentation.

These are the changes you and your staff will learn to be compliant with the new SOP 5010 6:

  • FORMAT UPDATE: The format of the SOP has been reorganized to emphasize core 7(a) and 504 Loan Program Requirements and to consolidate guidance based on loan delivery methods and procedural requirements.
    The SOP is divided into two parts:Part 1 (formerly known as Subpart A): Contains SBA Lender participation and portfolio requirements including: criteria for becoming an SBA Lender; delegated authorities; a brief overview of how SBA conducts oversight of SBA Lenders; and processes for loan reporting, loan transfers, secondary market transactions, and securitization.

    Part 2 (formerly known as Subparts B and C): Is divided into three sections.
    Section A: Core Requirements for all 7(a) and 504 loans
    Section B: 7(a) Loan program specific requirements
    Section C: 504 Loan program specific requirements

  • Updated guidance for all working capital loan proceeds
  • Updated guidance for all Standard 7(a) loans.
  • Updated guidance for 7(a) Small loans: minimum acceptable Small Business Scoring Service Score (SBSS)
  • Updated guidance for SBA Express loans.
  • Clarified guidance for loan terms for all 7(a) loans.
    • For loans to farm enterprises
  • Added guidance on the phase-out of the London Inter-Bank Offered Rate (LIBOR)
  • Included a separate chapter for Export Express, EWCP, and International Trade loans.
  • Corporate Governance Requirements
  • 7(a) and 504 loan program appraisal requirements
  • FBI fingerprint review process
  • Revised Internal Revenue Service (IRS) Form 4506-T
  • Revised SBA Form 750
  • Reduction and streamlining of forms: Elimination of SBA Form 912
  • New Navigation Features
  • Significant Procedural Updates
  • Increased required Lender qualifications for initial consideration in the Preferred
    Lenders Program (PLP).
  • Updated guidance on completing SBA Form 750
  • Included in one section all of the core requirements that apply to both the 7(a) and 504
    loan programs including eligibility; uses of loan proceeds; ethics, fees, and use of Agents;
    guaranties; IRS Tax Transcripts and verification of financial information; insurance
    requirements; guidance on historic properties; and environmental policies and
  • Added a chapter with guidance for special transaction structures such as Eligible Passive
    Company/Operating Company
  • Eligibility of businesses with activities related to hemp and/or cannabidiol (CBD)
  • Clarified determining whether credit is available elsewhere
  • Updated the eligibility of businesses owned by non-U.S. citizens
  • Clarified the requirement that all SBA Lenders are responsible for consulting the System
    for Awards Management’s (SAM)
  • Clarified the guidance related to Prior Loss to the Government and Delinquent Federal
  • Provided additional guidance on the character determination process and FBI fingerprint
    background checks
  • Revised the guidance and process for complying with Section 106 of the National Historic Preservation Act
  • Increased the threshold loan amount to determine whether the Environmental Investigation must begin with an Environmental Questionnaire
For 504 Loans, SBA has:
  • Updated guidance to reflect regulatory changes
  • Incorporated guidance that increased the estimated value of the Project Property from $250,000 to $500,000 as the threshold that triggers the requirement for appraisals on collateral secured by commercial real property.
  • Revised guidance for statements of no adverse changes
  • Added guidance:
    • Credit Standards
    • Third Party Lender Certification
    • Life Insurance
    • Processing methods and submission of application to SBA

Access the notice here

Taught by National SBA Experts
  • head_coleman

    Bob Coleman, Publisher, Coleman Report

  • head_teckler

    Lance Sexton, Coleman Faculty Instructor

Lance Sexton served as Deputy Director of the SBA Little Rock Commercial Loan Servicing Center managing the Servicing of SBA Loans, the liquidation of SBA Express Loans, and the Liquidation of SBA 504 loans in a 24 state area. Lance has 30 years of experience in the origination, servicing, and liquidation of SBA Loans, ten years of experience directly managing portfolios of SBA loans that are both performing and nonperforming, and six years of experience as a small business owner.

Bob Coleman is the Author of “Money Money Everywhere and Not a Drop for Main Street.” He is the Publisher of the Coleman Report, a trade newsletter and website for SBA and small business lenders. He produces online training videos and webinars for small business lenders to teach them to make less risky loans to Main Street.

Webinar Details

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

We will automatically forward a certificate of participation for those who are registered to attend the webinar via GoToWebinar.

If you have purchased the unlimited site license and would like certificates for all who attend simply forward their names and email addresses to jeanne@colemanreport.com. She will email the certificates to all attendees.

Questions 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 way is to send an email to joseph@colemanreport.com. Also, feel free to ask pre-webinar questions.

About Coleman Webinars
Coleman is the largest producer of small business banking video webinars and online training for the banking industry.

Our faculty are professional instructors are the absolute experts in their fields.

Why a Coleman Training Webinar?
It’s very cost effective. No airfare, no hotels. Just cram as many people as you wish into your conference room and turn on the computer. You have several options to view the program. You may watch on screen, or listen in on your phone.

You can choose to have any many connections nationwide as you wish when you purchase unlimited access for only $589.

A great benefit of the program is that you may have your questions answered by the faculty. All of our webinars are recorded. Buyers of the unlimited site license option will receive a DVD recording of the event to share with anyone you wish.

A transcript of the program is also provided to purchasers of the unlimited site license.

How it Works
We use GoToWebinar for the webinar platform. You will receive a link that will direct you to an Internet site to view the presentation. If you would like to test this process to make sure you will be able to access the link through your system’s firewall, just send an email to joseph@colemanreport.com, and he will schedule a test run.

Accessing GoToWebinar
There are two ways to access the webinar. The first is to simply click on the link we will provide when you register.

If you have a firewall issue, or you can’t get the GoToWebinar link to work, don’t panic!

The second way to access the webinar is directly from the GoToWebinar website. You will simply need to input the webinar ID and access code. These will also be provided when you register, and again the day before the webinar when we distribute the handouts.

Note we will open the webinar for attendees to join at 12:00pm ET. This will give each attendee two full hours before the webinar begins to troubleshoot any technical issues. Call (818) 790-4591 if you need assistance.

All Coleman Webinar Speakers are seen Live via Video Stream
You will see our speakers live through a video feed. You may customize the size of the speaker and PowerPoint presentations by clicking on the webcam button on the GoToWebinar dashboard. You may position the speakers at the top, bottom, right or left hand sides. You may also choose to eliminate the video stream and just view the PowerPoint.

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

PDF Handouts
You will receive the PDF handout via email the day before the event. These may be distributed to all of your attendees.

Replay Link
If something comes up and you miss any part of the webinar, or there are technical issues such as a power failure, Internet dropout, fire alarm drills, actual fires or, earthquake (yes that has happened!) simply email joseph@colemanreport.com and he will send you a link you may watch all or part of the webinar at your leisure. There is no charge for this service.

The Fine Print
1) The single user registration fee of $489 is based on location not attendance. You may have as many people in one location attend. You may distribute the materials to anybody in your company.
2) For only $100 more ($589), you may invite as many people from your institution from as many locations as you wish. (You also get the reply link and transcript!) We will forward you a link that allows you to sign up as many people as you wish.
3) Substitutions are allowed at no charge.
4) Cancellations receive a 100% credit for any Coleman product.
5) As with all our products, we offer a 100% money back satisfaction guaranty — no questions asked.

Five Easy Ways to Order!

1) Previous customers need only to send an email to joseph@colemanreport.com with “Register SOP 5010 6 Webinar” in the Subject Line. We will do all the paperwork and charge your credit card on file, or send you a PayPal request.
2) Call Joseph Coleman at Customer Service at 818-790-4591 extension 1
3) Fax the order form to: 818-790-7859
4) Mail the order form to: Coleman Publishing, 28081 Marguerite Pkwy, #4525, Mission Viejo, CA 92690
5) Click “Add to Cart” to pay using PayPal

What you Need to Know about SBA’s New SOP 5010 6

Bob Coleman
Editor, Coleman Report
28081 Marguerite Pkwy #4525
Mission Viejo, CA 92690
(818) 790-4591
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