SOP 50 10 8 brings major changes to the 7(a) Small Loan program. Our guide for lenders covers the new $350k loan max, SBSS scores, and underwriting rules.
The SBA is revitalizing the “Credit Elsewhere” rule in SOP 50 10 8. Lenders must now perform a more rigorous and documented assessment of a borrower’s ability to obtain conventional credit.
The SBA has clarified its stance on Merchant Cash Advances in the new SOP 50 10 8. SBA 7(a) loan proceeds cannot be used to refinance this type of high-cost debt.
The SBA’s SOP 50 10 8 raises the minimum SBSS score to 165 for 7(a) Small Loans. Learn the new underwriting requirements for loans up to $350,000.
A lender’s guide to the new SBA citizenship rules in SOP 50 10 8. Understand the strict requirements for owners, guarantors, and Lawful Permanent Resident (LPR) verification.
A lender’s guide to the new seller guaranty rules in SOP 50 10 8. Understand the requirements for partial ownership changes and structure compliant SBA loans.