, 👀Final Rules, Oh My!

“Every success story is a tale of constant adaptation, revision and change.” Richard Branson

Greetings!

SBA and its partners frequently modify the program to streamline it and make it stronger. This is clear in the release of two new Final Rules this month. Only time will tell if these changes will truly improve the program, but you never know if you never try!

LRM's SBA Notice Nook

SBA Procedural Notice_Transition from LIBOR as a Base Rate issued April 3, 2023

SBA 7(a) and 504 Summary Report Dashboard

3rd Qtr "Peg" Rate, Direct Interest Rate & Maximum Interest Rate of a 3rd Party Lender Loan for 504 Projects issued 3/31/2023

FY 2023 Updated Fee Schedule for SBA Oversight of 7(a) Lenders issued 3/31/2023

FTA_New and Improved LoanLIST issued April 4, 2023

Final Rule_Affiliation & Lending Criteria for the SBA Business Loan Program issued April 10, 2023

Final Rule_Small Business Lending Company (SBLC) Moratorium Recission & Removal of the Requirement for a Loan Authorization issued April 12, 2023

FTA_1502: Reporting Common Errors/Exceptions issued April 13, 2023

Drowning under an SBA to-do pile?

We've been hearing it's been a challenge for SBA 7a lenders to find, hire, and maintain an experienced SBA 7a lending team.

Whether it's processing, underwriting, packaging, documenting, funding, or servicing SBA loans, if you don’t have a strong, well-trained, and, yes, experienced team, the bottlenecks pile up, and you could end up with a portfolio that’s not fully compliant with SBA 7a requirements.

And that means you’re putting your SBA guaranty at risk.

If this sounds like you, here are five key points where an SBA Lending Service Provider (LSP) can help.

Learn More

THE LATEST NEWS FROM OUR BLOG

Oh, Those Prime Rate Increases

By Lori McCausland

You knew it was coming – and yes, it’s here: Prime rate increases have been on the rise.

On March 15th of 2020, the Prime rate went back down to 3.25%. Then it was almost exactly two years before the rate changed, on March 16th, 2022, to 3.50%. Since then, there have been a total of eight more increases, to the current rate of 8.00% as of March 22nd, 2023 (according to www.primerate.com).

What does that mean for SBA 7a lenders?

So yes, the Final Rules are out, but how will they be implemented? SBA is working on guidance and new SOPs; in the meantime, our best recommendation is to review the Final Rules, become familiar with them, and keep a list of your questions handy to make sure they’re addressed as guidance is issued.

Change is seldom easy, and certainly comes with challenges – and as always, we’re here to help! Give us a call at 877.576.0819, or message us through our website, and we’ll set a time to talk.

Your Team at LRM Lender Consultants,