Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.
Other Resources

RSS print
News Now LiveWire
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
14 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
15 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
15 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
16 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
17 hours ago