Summer Update: NEW SBA Changes, Updated Resources for 2024, and Upcoming Strategy Webinar for Lenders

Welcome back to the Windsor Advantage Newsletter, a roundup of what's happening in the world of government-guaranteed lending.

• Updated SBA Form 1919 "Borrower Information Form"
• New Compliance Deadlines Under the Small Business Lending Rule
• New Working Capital SBA Line of Credit

Updated 1919 Borrower Information Form

The updated SBA Form 1919, "Borrower Information Form" that was revised to reflect the Criminal Justice Rule is now available as a fillable pdf.

Download the Fillable PDF Form Here: SBA Form 1919 04.2024.pdf | Powered by Box

Read the Information Notice: SBA Form 1919 Update for Criminal Justice Reviews Final Rule | U.S. Small Business Administration

You may continue using the version of the form currently posted on SBA's website, or you may use the updated version. SBA is providing a 30-day grace period to start using the updated form from the date of publication on SBA's website.

New Compliance Deadlines under the Small Business Lending Rule

On June 25, 2024 the Consumer Financial Protection Bureau (CFPB) issued an interim final rule extending the compliance dates and making other date-related adjustments to the small business lending rule (the “SBL Rule”). 

The extended deadline reflects ongoing litigation regarding the SBL Rule, however lenders should remain aware of its requirements and deadlines as the SBL Rule creates new reporting and compliance requirements for many SBA Lenders.

New deadlines are effective August 2, 2024.

Further Reading: Small Business Lending under the Equal Credit Opportunity Act (Regulation B); Extension of Compliance Dates | Consumer Financial Protection Bureau (consumerfinance.gov)

New Working Capital Line of Credit

The most notable introduction of the summer: the SBA is preparing lenders for the rollout of the new Working Capital Pilot SBA Line of Credit.

The official document was published yesterday on July 15, 2024 and the comment period will close 30 days after the actual date of publication.

The WCP authorizes lenders to make both asset-based and transaction-based WCP 7(a) lines of credit (LOCs) in amounts up to $5 million, with the lines available to support both domestic and international transactions.

The three-year WC Pilot will take effect on August 1, 2024, and, unless extended, or made permanent, is scheduled to end on July 31, 2027. 

Upcoming Webinar: Training Resource for SBA Leaders

The SBA landscape is constantly rolling out new procedures, products, and demands for lenders to field. Our lender webinars are hosted by Windsor Advantage's team of dedicated SBA experts to help teams navigate the latest changes and guidance for growing a successful SBA department.

In light of the new Working Capital Pilot Program, our next webinar covers best practices for becoming an "Early Adopter" of new SBA products, giving your institution a competitive edge in the SBA space.

Our experts will discuss the new Working Capital Pilot Program from both strategic and technical angles as opportunities for scaling loan production.

The webinar invitation link and further details will be sent through this Newsletter. Subscribe a colleague to the Windsor Advantage Newsletter here.

Stay In Touch: Your Contact at Windsor Advantage

Our team is always available to discuss strategies and services to help your organization move forward.

Reach out to eligibility@windsoradvantage.com for questions regarding loan structuring and prequalification.

Contact our team at windsoradvantage.com/contact for more information on working together to build and scale your SBA department.