WASHINGTON -- The Small Business Administration has agreed to grant a 45-day extension for implementation of the newly streamlined Standard Operating Procedure based on feedback from credit unions and lenders on meeting the initial implementation deadline.
SBA said it has extended the implementation date from May 1 to June 15.
The revised document, SOP 50 10, which had been cut in length from 1,000 pages to 400, was completely rewritten with input by program participants, including lenders, certified development companies, and SBA employees, the agency said. Although the revision incorporated substantial structural changes, SBA said it made only limited policy changes or clarifications in the document.
The new SOP was made available to the public on March 20 to permit lenders and certified development companies an opportunity to become familiar with and implement the revised SOP.
SBA staff from its Office of General Counsel and the Office of Financial Assistance met with lenders and CDCs in sessions across the country to discuss clarifications and changes to the SOP and to hear any concerns raised about specific issues. As a result of those meetings, SBA said has identified certain technical changes to the SOP that should be made before it takes effect.
More than 400 credit unions are SBA lenders.