“Look at situations from all angles, and you will become more open.” – Dalai Lama

Borrowers are struggling with the impact of inflation on personal and business spending habits.
Borrowers are also seeing the effect of interest rate adjustments on cash flow.
In times like these, looking at a problem from multiple perspectives can lead to a more effective solution for all.
LRM's SBA Notice Nook
The New Form 1919 - Takeaways from SBA Training
SBA released a lot of new forms at the end of 2023. One of them was the much-anticipated streamlined Form 1919, bringing it into compliance with the new SOP 50 10 7.1.  

We’ve reviewed it and attended SBA’s training on it and came away with a few things that even us seasoned SBA experts weren’t aware of, or found interesting and important to share.
Deferrals: Working Together in Tough Times
By Lori McCausland
Your Borrowers don’t always experience smooth sailing.

Sometimes they get stuck, run into difficulties, and end up with what everyone hopes is a temporary cash flow problem.

And our recent Q&A article with Doug Hood indicates that payment assistance requests – a.k.a. deferrals! – are on the rise.

SBA encourages Lenders to work with their Borrowers in this situation, while emphasizing that a deferral is not intended as a band-aid for a permanent problem. Loss of collateral value and financial risk-taking by a Borrower are not solutions for their failing business.

That said, Lenders and Borrowers can work together in good faith to get through a temporary situation.
As we move through the end of the first quarter and look to the rest of the year, it’s good to reflect on what’s happened and on what trends seem to be coming.

The look back helps us plan for the look ahead. Honest evaluation of what you’ve accomplished, any struggles within those accomplishments, and your goals for the future – it’s all important to consider. 

Did your processes and procedures support you through the struggles you may have encountered? What needs to improve? Is your staff well trained, or is more necessary?

And never overlook what worked well – especially if there were surprises. It’s all too easy to focus on the things that went awry, and overlook the good that happened – and it’s so important to capture the good and add it to those processes and procedures! Remember to look from all angles and all perspectives, and to get your team’s input as well.

Curious about how to conduct this type of retrospective? Or maybe you discovered that yes, your team could use a bit more training? Give us a call at 877.576.0819, or email us through our Contact form, and we’ll talk about how to make sure your team is at its best as we move forward!

Your Team at LRM Lender Consultants,
Lori N. McCausland
LRM Lender Consultants Inc.
Rebecca L. Mendoza
LRM Lender Consultants Inc.
© 2021 LRM Lender Consultants Inc. All Rights Reserved