As you are aware, during the week of May 8, 2023, SBA issued several pieces of policy guidance to implement the Final Rules that recently took effect, and to make other changes to the 7(a) and 504 programs. The recently issued guidance includes notices on implementation of the Final Rule on affiliation and the loan authorization and the conversion of Community Advantage (CA) lenders to SBLCs, as well as a notice announcing the issuance of SOP 50 10 7, Lender and Development Company Loan Programs, and the actual SOP.
We still are waiting for additional guidance including version 3 of SOP 50 57, 7(a) Servicing and Liquidation; the new SOP 50 56 which will include the material contained in Part 1 of SOP 50 10 which addresses the requirements relating to Participating in the SBA 7(a) and 504 Loan Programs; a Federal Register Notice on the licensing of new Small Business Lending Companies (SBLCs); the 7(a) loan authorization replacement document; updates on various 7(a) forms; and other expected guidance documents.
As we wait for the additional documents, NAGGL staff is working feverishly to digest what we have received so far and to update all of our course materials affected by the changes. Please be assured that we will complete this process as soon as possible. Once those tasks are completed, NAGGL will announce its new training calendar.
In the meantime, if you are interested in taking our full revised Understanding the SOP 50 10 or Advanced SOP 50 10 courses, we have established a pre-registration process that will give you priority status to register for those courses when the training dates are announced. Please keep an eye on naggl.org/events for more information about currently available courses, including our ONDEMAND series, and watch your email for updates regarding our new and revised training opportunities.
We look forward to “seeing” you soon in one of our upcoming virtual classes. Until then, thank you for your patience as we work to uphold our tradition of providing the highest quality training experience for our members.
