WASHINGTON — Based on feedback from credits unions and other lenders, the Small Business Administration has agreed to grant a 45-day extension for implementation of the newly-streamlined Standard Operating Procedure.

The revised document, SOP 50 10, which had been cut in length from 1,000 pages to 400, was completely re-written 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 said it has extended the implementation date from May 1 to June 15.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.