In an effort to meet the “closing deadline” desired by the small business borrower, lenders may feel the need to rush the closing and overlook critical housekeeping steps. When implemented…
SBA lenders are receiving an unprecedented number of servicing requests on SBA construction loans due to lingering pandemic related and current economic difficulties. The COVID-19 pandemic has significantly impacted the…
Effective March 9, 2022, SBA set forth revised procedures for SBA lenders and Certified Development Companies (CDCs) concerning the verification of financial information for the small business applicant. See SBA…
In order to properly document and close an SBA 7(a) loan, lenders must exercise care to ensure that loan proceeds are disbursed in strict accordance with the lender’s credit memo,…
After more than a year into the COVID-19 pandemic, demand for small business financing through SBA lending programs remains strong. SBA lending partners have approved a substantial number of loans…
SBA released Information Notice 5000-20084 on January 27, 2021. In accordance with the Economic Aid Act, the Notice provides for temporary changes to SBA loan programs, including higher guaranty percentages…