SBA reformats loan handbook
Published March 21, 2008 by CSBJ Staff
The Small Business Administration released a reformatted standard operating procedure handbook for lender and development company loan programs this week.
The revised document, SOP 50 10, has been cut from 1,000 pages to 400 and is also now available at www.sba.gov.
“Re-writing an SOP doesn’t sound glamorous, but it is one of the most important tasks we have undertaken to improve our relationship with lenders and enhance delivery of our loan products,” SBA Administrator Steve Preston said.
“The previous SOP was long, complicated and outdated, and lenders cited it as a major impediment to working with SBA.
We hope the new document will make it easier for lenders to understand our programs and use our product.”
Filed under CSBJ Daily, Small Business