The SBA’s SOP is their Standard Operating Procedure, hence the initials SOP. This used to be their Bible of all the SBA’s lending programs. I say, used to be, because SBA has taken liberties with their interpretation of the SOP and sometimes will change the their own rules. Nevertheless the SOP is a more reliable information base than any other medium. Effective January 1, 2014, the current SOP is SBA SOP 50 10 5 (f) and can be accessed through the SBA’s internet site, “www.sba.gov” .
The SOP covers most of the information on the SBA Lending Programs. The SUBPART A, Chapters 1 thru 3, covers information on lenders. SUBPART B includes all the information you would like to know about the 7a Program in all it’s different delivery methods and programs. You will find information from description and eligibility of the 7a Programs to loan terms and conditions, and of course the credit standards of the SBA’s 7a Program. The SBA 504 program is covered in SUBPART C and if very detailed on this program.
The SBA’s SOP is really the END ALL of the program and should be consulted if you have a question about any of the SBA’s lending programs. Unlike SBA Employees, Bank Employees, and Consultants, the SBA’s SOP will not be misunderstood or blatantly give you the wrong information. Believe it or not, I have talked to three different employees of SBA and gotten three different answers to my question. Don’t get me wrong – I love the SBA and it’s Directors, Employees, and Programs. I use the programs and the SOP whenever and wherever I can be of service to my clients, customers, and associates and I think you should too. Just double check all information if it is an important element of your financing package.
Please visit my Website at www.schlueterfinancial.com for more information and ideals or email me direct at roger@schlueterfinancial.com