On March 1, 2023, SBA issued SBA Procedural Notice 5000-844866, Extension of Guidance for Revisions to SOP 50 10 6 Financial Information Verification Procedures to Allow for the Use of…

Buying a business is an exciting time and allows the new business owner to look forward to all of the great things that they hope to accomplish. In most cases,…

Financing a business acquisition is an eligible use of SBA 7(a) loan proceeds, provided, that certain conditions are met. One of those conditions is that a seller is required to…

With the current uptick in SBA loan defaults, lenders should ensure that their loan servicing teams familiarize themselves with the SBA’s offer in compromise (“OIC”) process. A lender may not…

Borrowers undertaking a U.S. Small Business Administration (“SBA”) 7(a) loan often ask lenders whether a new survey will be required to close. This is a complex question and often, the…

When U.S. Small Business Administration (“SBA”) loan proceeds are used to finance the acquisition of commercial real estate, a title policy is obtained to protect the interests of the bank…