Under the current SOP 50 10 7.1, lenders could essentially treat the Credit Elsewhere Test as a check-the-box exercise. That will no longer be the case starting June…
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…
In today’s technological world many small businesses seek to protect their intangible creations, often referred to as intellectual property, by obtaining registered copyrights, trademarks and patents on these…
Following a default, lenders must perform a timely site visit in order to inspect collateral, determine its recoverable value and develop a liquidation strategy. SBA requires the site…
Driven by technological advancements and societal trends towards self-care and holistic well-being, the medical spa industry has been experiencing significant growth. For lenders offering financing to aid these…
Since the SBA 7a program is designed to expand access to capital for small businesses who cannot obtain credit elsewhere, lenders must ensure that all diligence items have…