Article by Roger Schlueter, MBA
The SBA is having any SBA 7a Loan that is $350,000 or less to use a New Application to SBA. The New Application will be a Revised Version of SBA Form 1919 and 1920. The Problem is that the New Application is not Approved for Use as of January 1, 2014, the Start of the Program and as of this date, is still not Approved. The SBA Small Loan Application is not out yet but they say to use these Forms:
Borrower – Form 1919 Borrowers Application and SBA 912 (Personal History Statement)
Bank- Form 1920SX Part B and Part C.
– These Forms were created for the Express Program and thus were not created to do all SBA 7a Loans. There will be parts these forms that will tell you the loan is not eligible or will not conform to the New Rules – like the new SBA 912 Form.
– Best way to handle these Problems is to Asterisk the Problem Area and then to Explain Elsewhere in the application or as an Added Addendum to the Application.
I Will try to keep you informed of the New Application as soon as it comes out. Until then Feel Free to use the old Express Forms, that may not be suited for Your SBA 7a Loan Application, that you are sending in to SBA.