https://starfieldsmith.com/wp-content/uploads/2026/05/973c961a-9b14-4468-b399-e5679f6c7187.mp3 The updated SOP 50 10 8 (“SOP”) has replaced the long-standing “do what you do” flexibility with stricter underwriting expectations, making insurance a more critical component of the lender’s credit decision. Under the standard of prudent lending, banks are expected to evaluate whether the insurance policy aligns with industry standards based on the property ... Read More

https://starfieldsmith.com/wp-content/uploads/2026/04/b388a3c5-ef59-475d-bfd2-791a5234fcc9.mp3 The SBA’s International Trade Loan (“ITL”) program has recently undergone a meaningful transformation intended to expand opportunities for access to capital. Previously a niche, export-focused product, ITL is now a broader financing tool for domestic growth, reshoring, and businesses facing global competitive pressure. And with a 90% guaranty, ITL is a very attractive program ... Read More

https://starfieldsmith.com/wp-content/uploads/2026/04/ec371774-e023-4d77-a7e4-c72398dedce6.mp3 Following a loan default, lenders must act swiftly and properly document their files. Often lenders respond with a formal letter addressing a specific demand, whether that be for missing documentation, a past due payment or the full loan balance. The path forward is relatively clear when the borrower either fully cures or fails to ... Read More

https://starfieldsmith.com/wp-content/uploads/2026/04/baf1d62d-fefc-4b1d-a386-fc034058eb6e.mp3 With the issuance of SOP 50 10 8 and subsequent notices on citizenship, Lenders are increasingly evaluating complete divestiture by an owner of an Applicant.  Under the current citizenship rules, the Applicant is ineligible if any Associate (as defined in 13 CFR § 120.10 and SOP 50 10 8 at p. 403) is an ... Read More

https://starfieldsmith.com/wp-content/uploads/2026/04/16ddd4cc-d0f3-4f8d-b5a0-2a9b128533b8.mp3 Earlier this year SBA Procedural Notice 5000-876626 was published, updating its guidance on applicant ownership and residency requirements for 7(a) and 504 loans. The revised guidance generated numerous questions from lenders about the new requirements. On March 31, 2026, the agency addressed some of those questions in SBA Procedural Notice 5000-877673, providing brief responses ... Read More

https://starfieldsmith.com/wp-content/uploads/2026/04/3dccec0f-6300-4aaa-8f04-1a03d48edd35.mp3 At Starfield & Smith, we are pleased to announce a new internal initiative dedicated to one of the Firm’s most quietly admired professional skills: checklist design. For years, our team has demonstrated an exceptional ability to create checklists that are clear, practical, well-sequenced, and, in certain notable cases, unusually satisfying to look at. These ... Read More