Earlier this year, the US Small Business Administration (SBA) released the updated Standard Operating Procedure 50 10 7, effective August 1, 2023. Subsequently, a further refinement, referred to as SOP 50 10 7.1, was issued, becoming effective on November 15, 2023. As...
We prioritize keeping you well-informed, and to uphold this commitment, ERI has recently updated our flowchart to incorporate revisions to the U.S. Small Business Administration (SBA) Standard Operating Procedure (SOP) for 7(a) and 504 Loan Programs, which became...
The U.S. Small Business Administration (SBA) has released a new Standard Operating Procedure (SOP) for 7(a) and 504 Loan Programs that will become effective August 1, 2023. The new SOP, referenced as SOP 50 10 7 for Lender and Development Company Loan Programs, will...
ERI has revised its SBA Flowchart to reflect the current SBA SOP (SOP 50 10 6, Oct. 1, 2020). If you would like to replace your existing ERI SBA flowchart with an updated version, we will be glad to send you the one below. In addition to providing the level of...
Effective January 1, 2018, the Small Business Administration (SBA) updated the Standard Operating Procedures SOP 50 10 5 (J) for Lender and Development Loan Programs. In addition to changes incorporated in ERI’s Records Search with Risk Assessment (RSRA) and desktop...
Depending on the potential risk profile of a commercial property, Environmental Risk Managers realize that a Phase I Environmental Assessment (ESA) may not be necessary for all commercial properties targeted for commercial loans. In these cases, environmental...
In order to identify and mitigate the environmental risks associated with gas station loans, the U.S. Small Business Administration (SBA) has developed guidelines that loan applicants must follow during the application process. The SBA requires that the Environmental...