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ALERT: There is a Saints v. Cardinals football game scheduled on Sunday, October 27 at Noon. The hotel has alerted us that because the Superdome is adjacent to its property there will be a great deal of traffic between 10:00 am - 4:30 pm. Please plan your arrival accordingly. [NAGGL Golf Tournament starts early Monday, October 28.]

(July 10) - SBA Inspector General report - High Risk 7(a) Loan Review Program

SBA OIG released a new report ("management advisory") as part of its ongoing High Risk 7(a) Loan Review Program evaluation of high dollar, early defaulted 7(a) loans. The two PLP-processed loans described in the report had been purchased by SBA for a total of about $5.5 million. In a nutshell, the report found material lender noncompliance issues in both randomly selected loan files of two separate lenders. The lenders had failed to provide sufficient documentation to substantiate reasonable assurance of borrowers' repayment ability, eligibility, collateral, verification of the source of equity injection, failure to obtain required business valuation, inadequate appraisal for commercial property, and inadequate support for debt refinancing. In both instances, OIG recommended, and SBA agreed, that the lenders be required to bring the loans into compliance, and should that not be possible, to seek recovery of the guaranty amount paid plus interest. 


(June 21) - SBA publishes Proposed Rule to implement Small Business 7(a) Lending Oversight Reform Act of 2018

Comments on the Proposed Rule are due August 20, 2019

Read an initial summary of major provisions >


(May 22) - Rubio, Colleagues Urge Small Business Administration’s Acting Administrator To Refrain From Issuing Final Lending Rule

Senators Marco Rubio (R-FL), Ben Cardin (D-MD), Representatives Nydia Velazquez (D-NY), and Steve Chabot (R-OH), Chairmen and Ranking Members of the Small Business Committees, urged SBA Acting Administrator Chris Pilkerton to delay the promulgation of all components of the final rule titled, Express Loan Programs; Affiliation Standards until the agency has a Senate confirmed administrator in place. More >


(May 16) - Notice 5000-19010 announces availability of new Form 1050 >


Congratulations to NAGGL's 2019 Champions of Small Business Entrepreneurship: BrewHound Dog Park + Bar in Neptune Beach, FL. Customers of Florida Capital Bank, Lauren Wyckoff & Jason Underwood share their 7(a) loan success story:

 

 


Notice 5000-19009, Updates procedures in 50 57 2, Approval of certain Servicing Actions: Procedural Notice 5000-19009


 

Click here to view Job Bank positions  >


JULY RATES

Prime Rate = 5.50%

Fixed Interest Rate Base = Prime [+ allowable spreads]

Federal Register Notice (11/2018) >
Maximum Allowable Fixed Rates >

SBA LIBOR Base Rate = 5.39%
History of SBA LIBOR base rate >

SBA Optional Peg Rate = 2.63%  [July 1-September 30, 2019]
[SOP 50 10 5, "Base Rates will be rounded to two digits with .004 being rounded down and .005 being rounded up."]


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