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SBA extends date for SOP changes
WASHINGTON (4/24/08)—Credit union participants in U.S. Small Business Administration (SBA) guaranteed loan programs should note a 45-day effective date extension for the agency’s revised Standard Operating Procedure form for lender and development company loan programs, said Jeff Bloch, senior assistant general counsel of the Credit Union National Association (CUNA). The revised document, SOP 50 10, incorporates substantial structural changes, according to the SBA, but only limited policy changes or clarifications. The revisions resulted in a 600-page cut in the original 1,000-page text. The new SOP was made available to the public on March 20 to permit lenders and certified development companies (CDCs) an opportunity to become familiar with and implement the revised document. The SBA said staff from the its offices of general counsel and financial assistance met with lenders and CDCs in sessions across the country to discuss clarifications and changes to the SOP and to hear concerns. The result of those meeting, the agency said, was technical changes to the SOP that should be made before the SOP takes effect and the agency is extending the effective date from May 1 to June 15. The provisions under SOP 50 10(5) will apply to all applications received by SBA on or after the June 15effective date. Interested parties can e-mail questions or comments to SOP50-10Modernization@sba.gov. Use the resource link below to access the revised SOP.
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