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.
Top SBA Lenders in Eastern Missouri Honored at Small Business Week Luncheon
The Lender Awards Luncheon, held on May 5, was the kick-off event for Small Business Week of Eastern Missouri 2014. The annual event recognizes SBA lending partners in the St. Louis District Office territory. In attendance were 135 SBA lenders and resource partners from throughout the eastern half of Missouri. Jim Fuchs, Assistant Vice President, Supervisory Policy and Risk Analysis, Community Development and Community Banking Research, Federal Reserve Bank of St. Louis was the featured speaker. He provided an interesting overview of economic and regulatory issues facing financial institutions and small businesses.
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Updated SBA Forms
In February 2014, SBA began using the new Form 1919 – Borrower Information Form and Form 1920 – Lender's Application for Guaranty for all 7(a) loans, with an expiration date of August 2014. The forms have been updated and have an expiration date of April 2017. Changes include the elimination of the personal resource test. Please use the new forms now available on our website for lenders.
Electronic SBA Loan Processing
SBA utilizes an electronic loan processing system for 7(a) lending, also known as E-Tran. Stephen Kucharski – Director, SBA Office of Performance and Systems Management reported that “E-Tran allows lenders to communicate and perform most relevant transactions with SBA electronically, thus cutting down substantially on both paperwork and processing time. In fiscal year 2013, SBA had a priority goal to reach 90% electronic processing for 7(a). That goal was not only reached but surpassed, as the agency ended the year with 92% of 7(a) loan transactions conducted electronically. In 2014, SBA is moving toward 100% electronic loan processing for 7(a).”
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SBA will be holding workshops with Justine PETERSEN throughout the eastern half of Missouri over the next two months. If you have clients or small businesses that would benefit from learning more about or would like to improve their credit scores, please let them know about the workshops – “The Importance of Credit Scores in Accessing Capital for your Small Business: How to build and maintain a competitive credit score.” These workshops will also include an overview of SBA loan programs.
> View schedule