Looking Back, September

Loan Authorization Simplification & Automation
With more than 70 loan authorizations existing in the field, the SBA Authorization Committee was formed in mid-1997 to write and automate the first national standard 7(a) loan authorization. After an initial meeting in D.C., the work was completed through conference calls and email. SBA offices, NAGGL, and several SBA lenders reviewed and tested the earliest versions. The first national 7(a) loan authorization and wizard were released in early 1998, and the 504 was released later that year. CAPLines and EWCP followed in 1999-2000. Updates to the loan authorization and wizard are made annually, or more frequently should legislative or policy changes necessitate.