CUNA: Consolidation May Cut Back on SBA 7(a) Form Redundancy
Consolidating information to eliminate redundancies on forms used by the Small Business Administration's 7(a) loan program is one suggestion made by CUNA in a comment letter to the agency.
By Michelle A. Samaad |
Updated on November 13, 2007
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WASHINGTON — Consolidating information to eliminate redundancies on forms used by the Small Business Administration’s 7(a) loan program is one suggestion made by CUNA in a comment letter to the agency.
In its Nov. 9 letter, CUNA suggested that the Form 4 (borrower’s application) and Form 4-1 (lender’s application for guarantee or participation) largely duplicate information lenders collect on their own forms. CUNA recommended the consolidation “with an eye toward greater reliance on the use of the date provided on lenders’ forms.”
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