, Times, they are changing...

TIMES, THEY ARE CHANGING...

“The real winners in life are the people who look at every situation with an expectation that they can make it work or make it better.” – Barbara Pletcher

Greetings!

The NAGGL Annual Conference in Colorado Springs was full of "Coming Soon" information.

With that we all should be preparing for the issuance of SOP 50 10 6.1 and SOP 50 57 3. We hear there has been a variety of changes and a bit of streamlining.

So, get a strong pot of coffee ready, sounds like there is a bit of reading in our future.

LRM'S SBA NOTICE NOOK

Notices from SBA in October

Notice 5000-840341: 1st Qtr. "Peg" Rate, Direct Interest Rate & Maximum Interest Rate of 3rd Party Lender Loan for a 504 Project effective 9/30/2022

Table of Size Standards effective 10/1/2022

OIG Report: Top Management & Performance Challenges Facing SBA in FY 2023 issued 10/14/2022

Weekly Lending Reports issued 10/21/2022

SBA Franchise Directory issued 10/20/2022

Proposed Rule: Affiliation & Lending Criteria for the SBA Program issued 10/26/2022

News from the NAGGL Conference

Yes, that's right, Lenders! The word at the NAGGL conference last week is that the new SOP 50 10 6.1 is likely to be released mid-November with an effective date in mid-January 2023.

SBA has also stated that the new SOP 50 57 3 will follow shortly thereafter.

Make sure you or someone at your organization is signed up to receive emails from SBA so you'll be notified as soon as the new SOP is made available.

THE LATEST NEWS FROM OUR BLOG

Past due SBA 7(a) loans? 5 Quick Tips

By Rebecca Mendoza

Sixty days goes by fast. And suddenly you have an SBA loan, or even several SBA loans, that are 60 days past due.

What now?

Everything begins to move quickly. Especially if this includes loans sold on the secondary market.

Here’s what we recommend.

LEARN MORE

It’s been a while since we’ve had to adapt to a new SOPs and rule changes (PPP doesn't count!).

So, watch for our Blog Posts as we review and provide our take on the changes in the new SOPs.

To stay current on the new changes, make sure you and your staff sign up for LRM live streamed training which will incorporate the upcoming changes in SOPs 50 10 6.1 and 50 57 3.

Visit here to view more details about our training webinars.

And don't forget the updates to your forms, policies and procedures that come with these upcoming changes.

Call us today to discuss how we can assist you (877) 576-0819. Follow us on LinkedIn to get our most recent blog posts or check out the Blog page on our website.

Your Team at LRM Lender Consultants,