SBA SOP changes

Go!

Have you read through the SOP changes that everyone is talking about on LinkedIn?

Will they have much effect on your business?

Are you concerned about anything listed in there?

Here are a few key updates or changes:

-The SBA small loan amount goes from $500k to $350K

-Merchant Cash Advances and Factoring agreements are ineligible for debt refinancing

-Individuals with a 2-year conditional Green Card are ineligible

-Reinstituting a minimum 10% equity injection for startup loans and changes of ownership

-Minimal SBSS score increases from 155 to 165

-The lender must certify U.S. citizenship verification

-Reinstatement of the SBA franchise directory

Here is the link to the website

https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs