WASHINGTON — As part of its reform agenda to become easier for lenders to work with, the Small Business Administration has released its modernized Standard Operating Procedure for lender and development company loan programs.
Released March 19, the revised document (SOP 50 10) has been cut from 1,000 pages to 400 and is more logically organized, the agency said. The SOP is directed to SBA's lenders and certified development companies.
In addition, the SOP has been updated as an electronic document using Internet hyperlinks to take the user to the most recent editions of relevant regulations and forms. SOP 50 10 will be available in PDF format at the SBA Website (www.sba.gov) and will be more easily updated. A version of the SOP with enhanced search capabilities will be released as soon as possible. Additional technical improvements are in the process such as an improved search engine, according to SBA.
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