Articles

https://starfieldsmith.com/wp-content/uploads/2025/02/fd9ceebf-d9d0-4534-a771-a22eaa89c809.mp3 With the large volume of recorded lien (and associated) documents required to secure SBA loans, it is not uncommon for an instrument recorded in the public records to contain an error.  The most common errors include: (i) an error within a legal description attached to a recorded document; and (ii) a typographical error which ... Read More

https://starfieldsmith.com/wp-content/uploads/2025/02/f5cda310-939b-4838-b4df-4c2991d9662c.mp3 The new year ushered in a new presidential administration and with it a renewed focus on SBA’s lending programs and portfolio performance.  While it remains unclear what potential new Administrator Loeffler will prioritize, one thing is for certain.  Lenders should ensure their files are audit ready.   Let’s examine ways SBA lenders can proactively prepare ... Read More

https://starfieldsmith.com/wp-content/uploads/2025/02/957e2d0a-6e9f-4d13-9a74-6fef3c75503f.mp3 While most participating SBA lenders are familiar with loan structures involving a traditional limited liability company (“LLC”), fewer understand the variation called a Series LLC. Series LLCs offer a variety of protections for borrowers, yet it is a relatively new business structure concept that is still not widely understood. A Series LLC is a ... Read More

https://starfieldsmith.com/wp-content/uploads/2025/01/c8052b28-5ee8-4dfe-8fb2-e411c401d10b-1.mp3 The Small Business Administration (SBA) announced updates to the Universal Purchase Package (UPP) effective December 10, 2024, revising the version initially introduced in August 2023. These updates aim to streamline processes for lenders while ensuring thorough compliance with SBA requirements. Here are some key changes and some questions lenders may be asking themselves: Tab ... Read More

When liquidating business assets, lenders must be sure to follow the guidance outlined in Article 9 of the Uniform Commercial Code (“UCC”). This article provides a refresher on UCC sales and discusses potential ramifications if Article 9 guidelines aren’t followed. An Article 9 sale consists of three key steps: repossession of collateral, notice requirements, and ... Read More

https://starfieldsmith.com/wp-content/uploads/2025/01/fdafa7f0-a558-4cb4-8c29-cc480b75db48.mp3 One of the most drastic (and possibly most appreciated) changes to the SOP 50 10 7.1 was the addition of the ability to finance partial changes of ownership. This appears to be a highly utilized structure now that it is available and it provides small businesses with much needed options to finance transitions in ... Read More