SBA Sets 45-day Extension to Effective Date Of Updated SOP for Loan Programs
The U.S. Small Business Administration has agreed to a request from lenders that participate in the agency’s
small business loan programs for a 45-day extension to the effective date of its modernized Standard Operating Procedure for lender and development company loan
programs.
The revised document, SOP 50 10, which has been cut in length from 1,000 pages to 400, was completely re-written with significant input by program participants, including lenders, certified development companies, and SBA employees. Although the revision incorporated substantial structural changes, SBA made only limited policy changes or clarifications in the document.
The new SOP was made available to the public on March 20, 2008, to permit lenders and certified development companies an opportunity to become familiar with and implement the revised SOP.
SBA staff from the Office of General Counsel and the Office of Financial Assistance met with lenders and CDCs in sessions across the country to discuss clarifications and changes to the SOP and to hear any concerns raised about specific issues.
As a result of those meetings, SBA has identified certain technical changes to the SOP that should be made before the SOP takes effect. The lending community has requested an extension to the effective date of the SOP and, as a result, SBA is extending the effective date from May 1, to June 15, 2008. The provisions under SOP 50 10(5) will apply to all applications received by SBA on or after the June 15, 2008, effective date.
See a list of
contacts / SBA lenders in your area for SBA loan assistance, pre-qualifications for business purchases throughout California.
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