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REMINDER: On October 1st (the start of FY 2017), the ongoing lender fee in the 7(a) program will increase from 0.473 to 0.546. In addition, the lender fee on loans of $150,000…that has been reduced to zero, will be fully reinstated in FY 2017 (also at 0.546).
SBA publishes Proposed Rule, Miscellaneous Amendments to Business Loan Programs and Surety Bond Guarantee Program”
Comment period ends October 11
The proposed rule is meant to clarify and streamline regulations by removing outdated provisions. Watch your inbox for more detail!
Information Notice 5000-1388, New Regulations Governing Affiliation for SBA Business Loan, Disaster Loan, and Surety Bond Guarantee Programs, summarizes the recent changes to SBA's Affiliation Regulation for the 7(a) program [as well as 504, Microloan, ILP, Surety Bond and Disaster Loan programs] that became effective on July 27, 2016. As NAGGL has noted in previous publications and training, while this amendment to SBA's size regulations became effective on this date, there are at least two major areas for which clarification and further guidance will be forthcoming ... (see News Flash dated August 9 after logging in)
Information Notice 5000-1386, Small Business Jobs Act Funding Expiration (7(a) and 504 loans) -- The simple informational notice was effective 7/26/16 and serves as a reminder to lenders that "the ability to correct an undisbursed balance or reinstate the guaranty on an erroneously canceled loan approved under the Small Business Jobs Act of 2010 (“Small Business Jobs Act”) will expire on September 30, 2016. Requests for corrections to the balance of existing loans or reinstatement of the guaranty on erroneously canceled loans must be submitted using the procedures set forth in the applicable SOP no later than August 30, 2016.
Procedural Notice 5000-1387, C-PACE Financing - Property Assessed Clean Energy for commercial property (C-PACE). SBA, along with other federal agencies, is currently developing a comprehensive approach to requests for consent to C-PACE financing on 504 and 7(a) project property.
Get Involved: Make This YOUR Year to Run for the Board of Directors
Members of Record -- Get Ready to cast your VOTE!
Ballot must be submitted by September 23
4 open seats in Lending category; 1 open seat in Associate category
A boatload ...
Okay, we don't have a boatload of puppies for you, but NAGGL does have a boatload of training opportunities that you won't want to miss! You know that we provide the most accurate, up-to-date information on SBA program requirements, all taught by the true experts in the industry--practicing lenders, attorneys and more. Visit the Community Calendar for all the details!
Corrected Link to Current Oversight Bill - Congressional Close Up - FY 2017 News >
SBA Final Rule on Affiliation details >
SBA LIBOR Base Rate = 3.49%
SBA Optional Peg Rate = 2.13%
Prime Rate = 3.50%
SBA FIXED Base Rate = 4.75%
Maximum allowable fixed rates >
Annual Conference on Small Business Lending
October 31-November 2 • Scottsdale, AZ
Before September 2: $1,050 Mbr; $1,550; Non-Mbr; $650 Govt
After September 2: $1,300 Mbr; $2,000 Non-Mbr; $650 Govt
REGISTER TODAY >
COURSES being offered >
Preliminary Agenda Format >
Fairmont Scottsdale Princess
7575 E. Princess Drive
Scottsdale, AZ 85255
Room Rate: $245
Hotel Cut-Off Date: October 8 (or until sold out)
Online Hotel Reservations >
Non-refundable advanced deposit requirement: Room reservations
must be guaranteed with a major credit card that will be charged a
non-refundable deposit of one night’s room and tax 14 days prior to
arrival date. To avoid this non-refundable charge, room cancelations
should be done prior to 14 days prior to arrival.
IMPORTANT NOTE: NAGGL does not endorse nor have a relationship with ANY outside hotel booking agency. If you are called by a third party asking you to reserve your hotel room, note that this is a SCAM and you should not give your information or credit card info to this company. This company is not affiliated with our conference or the hotel. At this time, there are plenty of rooms available in our block, and you should book your room exclusively through the group page link provided in NAGGL promotional materials and on its website.
NAGGL, SBA Launch "Business Smart Toolkit" to Elevate Entrepreneurship in Underserved Communities
NAGGL and the SBA are proud to announce the release of the Business Smart Toolkit, a ready-to-use workshop toolkit that equips and empowers faith based and community organizations to lay the groundwork for helping new and aspiring entrepreneurs launch a business idea and build a business that is credit ready. www.sba.gov/BusinessSmart >