If you have further questions on any of the items mentioned in this newsletter, please contact Tom Daiber, Bill Vickery or Bob Newman.
The 2014 Resource Guide has been published and is available for download. The resource guide provides information about programs, resource partners and other tips for opening and running a small business.
Now Available! New SBA Forms 1919 & 1920
On January 1, 2014, SBA began using the same forms for all 7(a) loan applications (excluding EWCP). The new SBA Forms 1919 & 1920 are now available. All previous forms are obsolete. The most significant changes are detailed in SBA Information Notice 5000-1306.
SAVE THE DATE!
Small Business Lenders Award Luncheon
SBA will kickoff the 2014 Small Business Week of Eastern Missouri events with a Small Business Lenders Awards Luncheon on Monday, May 5, 2014 from 11 a.m. - 1:30 p.m. at the Hilton St. Louis Frontenac, 1335 S. Lindbergh Blvd., St. Louis, Missouri 63131. The event honors award-winning lenders for their contributions to the small business community. More details will follow as they become available. If your lending institution would like to become a sponsor during Small Business Week or if you have any questions, please contact Patti Guttmann at 314-539-6615 or firstname.lastname@example.org.
The requirement for electronic submission of SBA applications is resulting in quicker decisions for your customers. With the streamlined application process, SBA has established a goal to provide our lenders a decision on 7a loan applications within 12 working days of receiving a complete package. Since the beginning of this fiscal year when there was a backlog of applications, SBA’s loan guaranty processing center has shortened the turnaround time, and as of late February an application is assigned to an officer at approximately 10 working days. You should allow a few more working days before the officer has completed their review of your application and contacts you.
If you want to know if your application was received or how much longer it may be before you have a response from SBA, your lender relations specialist now have access to the processing center’s website. If you call or email us with your borrower’s name and SBA application number, we can check on the status of your loan application.
SAM EPLS: Your Responsibilities When Doing Business with SBA
SBA Standard Operating Procedure 50-10-5(F), which became effective on January 1, 2014, includes the following passage on page 10, under “Responsibilities of 7(a) lenders.”
“Lenders are responsible for consulting the System for Awards Management (SAM) Excluded Parties List System (EPLS) or successor system to determine if an employee or Agent has been debarred, suspended or otherwise excluded by SBA or other federal agency.
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Calling All SBA Lenders: Possible Success Stories Wanted
SBA promotes the advantages of our programs through success stories. This includes success stories on SBA’s lending programs. We all know Missouri has some of the best small businesses in the country but we need your input to find them!
If you have worked with a small business owner who has been in business for at least three years, who has received SBA services (including loans), is current on any SBA loans, and that you feel would make a good success story, please forward the information to Nicki Massie at email@example.com. If possible please send the name of the business; owner name(s); business/owner address, phone, email, and website; type of business; number of employees; and who at your institution worked with the client (include contact information). For further information, contact Nicki at the email above or at 314-539-6606.