SBA Extends Effective Date for Updated SOP for Loan Programs
[April 23, 2008]

The U.S. Small Business Administration has agreed to a request from lenders that participate in the agency's small business loan programs for a 45-day extension to the effective date of its modernized Standard Operating Procedure for lender and development company loan programs. 

The revised document, SOP 50 10, was made available to the public on March 20, 2008, to permit lenders and certified development companies an opportunity to become familiar with and implement the revised SOP.  SBA staff from the Office of General Counsel and the Office of Financial Assistance has met with lenders and CDCs in sessions across the country to discuss clarifications and changes to the SOP and to hear any concerns raised about specific issues.

The lending community has requested an extension to the effective date of the SOP and, as a result, SBA is extending the effective date from May 1, to June 15, 2008. The provisions under SOP 50 10(5) will apply to all applications received by SBA on or after the June 15, 2008, effective date. 

 The revised SOP may be found at http://www.sba.gov/tools/resourcelibrary/sops