SBA has dramatically changed the way lenders process franchise loans under the SOP 50 10 7.1 (“SOP”). Lenders no longer need to review franchise documentation for affiliation in…
It has been a longstanding rule that a lender cannot sell a loan on the secondary market if it is not fully disbursed. However, changes in the most…
The general rule is that a purchaser of a business is not liable for seller’s legal obligations unless those obligations are expressly assumed by the purchaser in the…
On May 7, 2024, the Federal Trade Commission published a final rule (the “Rule”) that results in a federal ban on non-compete clauses nationwide, with limited exceptions. The…
Effective May 30, 2024, the criminal background review process for those applying for SBA guaranteed loans will undergo a significant change. It removes restrictions the SBA deems limit…
Earlier this year the SBA Office of Credit Risk Management (“OCRM”) assumed responsibility for and rolled out a new pilot process for submission of Lender Service Provider Agreements…