One of the benchmarks of the SBA loan program is that SBA loans are made to operating small businesses and not passive entities. If a small business enters…

During the closing process, lenders anticipate their Phase I Environmental Reports will show that real estate serving as collateral is clean. However, this is not always the case…

On May 29, 2025 the U.S. Small Business Administration (“SBA”) issued SBA Information Notice 5000-868665 and released the Standard Operating Procedure 50 10 8 with technical updates (“Updated SOP”),…

What’s old is new again.  Effective June 1, 2025, SOP 50 10 8 (“SOP”) brings back the SBA Franchise Directory (“Directory”) in a welcome blast from the past…

In recent weeks, my colleagues have been examining various components and modifications introduced by the newly enacted Standard Operating Procedure 50 10 8 (“SOP”). As we continue to…

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…