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.
Don't Forget to Register!
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. Join us for lunch as we honor award-winning lenders for their contributions to the small business community. Also hear from our keynote speaker, Jim Fuchs, AVP, Supervisory Policy & Risk Analysis, Community Development & Community Banking Research, Federal Reserve Bank of St. Louis. Cost is $50, free parking. Register online. If you have any questions, please contact Patti Guttmann at 314-539-6615 or firstname.lastname@example.org.
SBA 50 10 5(F) Technical Corrections
On September 25, 2013, SBA announced the issuance of Standard Operating Procedures (SOP) 50 10 5(F), Lender and Development Company Loan Programs, that would become effective on January 1, 2014. In order to provide greater clarity and improved understanding, SBA has made technical corrections to SOP 50 10 5(F) and issued a procedural notice effective March 27, 2014. Changes include removing references to the Patriot Express Pilot (which sunset in December 2013), replacing references to Forms 1920SX, 1920SX Part B and 1920SX Part C throughout the SOP with Form 1920 (the updated Lender application form) and changing terminology from “SLA” to “7a small loans”.
> Read Full Notice
SBA Approval of Recoverable Expenses on 7(a) Loans
On April 7, 2014, SBA issued SBA Information Notice 5000-1311, “SBA Approval of Recoverable Expenses on 7(a) Loans. This notice modifies SBA Standard Operating Procedure 50-57, (7(a) Loan Servicing and Liquidation), and modifies the time period when lenders may submit requests for approval of Recoverable Expenses, including those deducted from recoveries, on 7(a) Loans.
Effective with the date of this notice, such requests may only be submitted:
1. With the Lender’s Purchase Package, or
2. With the Lender’s Wrap-up Report.
> Read Full Notice