20121003 New Head shot

CDCs, you need to choose wisely when obtaining your independent loan reviews; and choosing wisely means choosing the most experienced CDC / SBA 504 Program expert in the market today and that choice is Power Steering Unlimited, Inc.  

 

In CFR 120.826, Basic Requirements for Operating a CDC, the SBA sets forth in part b.(3)., operations and internal controls., that a CDC board of directors must adopt an internal control policy which must, at a minimum... 

 

"...Direct the operation of a program to review and assess the CDC's 504-related loans.  For the 504 review program the internal control policies must specify the following:

(i) Loan, loan-related collateral, and appraisal review standards, including standards for scope of selection (for review of any such loan, loan-related collateral or appraisal) and standards for work papers and supporting documentation;

(ii) Loan quality classification standards consistent with the standardized classification systems used by the Federal Financial Institution Regulators:

(iii) Specific control requirements for the CDC's oversight of Lender Service Providers; and

(iv.) Standards for training to implement the loan review program:"

 

To meet these standards, SBA recommends that a CDC obtain an independent review of its 504 loan portfolio.  To complete your Independent Loan Review, Power Steering has developed a federally-based sampling methodology and a straight talking approach to your review report that will provide you with valuable feedback on your portfolio and add current general commentary on what other organizations are seeing in their SBA reviews (as much is allowed based on SBA confidentiality requirements). 

  

Power Steering is here to help your CDC stay CFR compliant and not spend a fortune doing so!  Booking now well into 2014, don't let another day go by without taking steps to ensure compliance with the SBA requirement for an independent loan review. 

Call Power Steering today at 210.478.1055 
or click here to email us!

  

After four years assisting a large Florida CDC navigate the "Great Recession," Mary Kropp and Power Steering are here to assist you. Established in 2004, Power Steering Unlimited, Inc. has worked with over 80 CDCs, as well as closing attorneys and bank partners. Power Steering President, Mary Kropp, has over 35 years in commercial finance and a very successful track record as a CDC Executive and small business owner, as well as a 4 term NADCO Board member, where some of her roles included Vice Chair of Education, Membership and Outreach, national Trainer in Packaging, Portfolio Management and Intro to 504, along with webinars and committee work in Liquidation and Servicing. 

 

Services are provided by a nationally recognized expert with rates customized to meet your needs. Call 210.478.1055 or email Power Steering today to start charting your best course in SBA Lending!

 

 

Sincerely,

 

Mary Kropp
210.478.1055
Power Steering Unlimited, Inc.