Today I have very brief but timely comments to share about the new SBA SOP changes.
A few months back the SBA published a new set of operating procedures (SOP); those changes took effect on August 1st, 2023. The changes are numerous and a little bit confusing. Because SBA is all we do here at Gulf Coast Small Business Lending we have invested the time to understand all of the changes.
Headlines are: first, we have incorporated the new features into our underwriting, packaging and closing procedures. Second, if you’re not sure whether your deal can benefit from the new SOP, give us a call and we will clear things up. Lastly, we will be holding a series of webinars starting in early September to explain the new SOP and its implications on the types of loans that are now eligible.
The principal objective of the new SOP is to increase access to capital by simplifying the process, removing certain restrictions, and leaving many underwriting decisions to our discretion. We are excited about the changes and look forward to implementing them.
Let’s talk about your next SBA deal!