SBA Releases Modernized Lender SOP
SBA has released their modernized Standard Operating Procedure for banks and CDCs. The revised SOP 50 10 has gone from 1,000 pages to 400. According to the SBA, the SOP “is more logically organized, streamlined and user-friendly.”
The SOP has been updated to be used as an electronic document using the Internet hyperlinks to allow the user to find relevant regulations and forms more easily. The new format will allow the SBA to update on a more regular basis.
According to the SBA, even though the SOP has been condensed significantly, there have been limited policy changes or clarification in the document.
The SOP can be found on the SBA website: www.sba.gov/idc/groups/public/documents
/sba_homepage
/serv_sop_50104.pdf.
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