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.
1502 Training Event - April 22, 2014
SBA lenders are required to file a monthly report on SBA Form 1502 that includes loan status information for all of its SBA guaranteed loans, regardless of whether the borrower made a payment in the current month. Lenders must also compute and remit with the Form 1502, either the payment owed if the guaranteed portion has been sold in the secondary market, or the ongoing guaranty fee if the guaranteed portion has not been sold.
If you would you like to review 1502 reporting requirements, you will want to attend our webinar on Tuesday, April 22nd from 9:00 – 10:30 a.m. CDT. Victor Cruz, SBA Liaison with Colson Services Corp will present this program and answer your questions. You do not need to register for this event.
To connect to the Web Conference:
Click here: https://connect16.uc.att.com/sba/meet/?ExEventID=81836434&CT=M
TO CONNECT WITH YOUR *TELEPHONE ONLY* (no computer):
1. Choose one of the following numbers to dial:
* Toll-Free Number (in USA): 888-858-2144.
* Caller-Paid number: 646-746-3008
* Blackberry (Toll-Free Number): 8888582144x1836434#
The U.S. Small Business Administration (“SBA”) issued a final rule on March 21, 2014 to improve access to its two flagship business lending programs: the 504 Loan Program and the 7(a) Loan Program. This rule will enhance job creation through increasing eligibility for loans under SBA’s business loan programs and by modifying certain program participant requirements applicable to the 504 Loan Program. Included in the rule change is the elimination of the personal resource test. SBA has decided to further study the issue of how to redefine affiliation for the business loan programs and did not include any changes to the affiliation standards in this final rule.
> Read more
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.
CAIVRS (Credit Alert Verification Reporting System) is operated by the U.S. Department of Housing and Urban Development (HUD) and is used to determine if a loan applicant has any federal debt that is currently in default or foreclosure or has had a claim paid by the reporting agency within the last three years.
> Read more
Additional Clarifications on Fee Reductions
On March 18, 2014, SBA issued Information Notice 5000-1309 providing additional clarifications on fee reductions for all 7(a) loans of $150,000 or less that was announced on September 24, 2013, in Information Notice 5000-1288. (SBA previously provided clarification in Information Notice 5000-1294 on December 12, 2013.)
Based on loan activity in the first quarter of FY2014, SBA conducted further review of the policies applied to the fee reductions for such loans. Accordingly, the following additional clarification is being issued.
> View Full Notice
SBA Helps When Disaster Strikes
Did you know that in the wake of a disaster, SBA provides low-interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations? Our latest video offers information about the steps to take to apply for assistance from SBA.