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…
On October 5, 2022, the SBA released Procedural Notice 5000-835955 (Extension and Revision of SBA Guidance on Guaranty Purchases and Lender Servicing Responsibilities for PPP Loans) or the “Notice.” The…
When reviewing search results in connection with extending an SBA loan, lenders may come across a recorded Notice of Federal Tax Lien (NFTL) filed against a borrower or guarantor. Understanding…
Our June 15, 2022 article discussing servicing requests involving real estate collateral for SBA loans generated spirited discussion and feedback from several readers. See Best Practices: SBA Loan Servicing Request…
Before any lender may finance an SBA guaranteed loan, it must assure compliance with SBA’s “credit elsewhere test.” Compliance is a critical eligibility prerequisite. The test is foundational and one…
Effective August 31, 2022, SBA published Information Notice 5000-836123, concerning 7(a) Fees Effective October 1, 2022 for Fiscal Year 2023. This article will address items that have changed, specifically with regard…