SBA published Procedural Notice 5000-852522, Updates to SOP 50 10 7.1 (effective December 6, 2023) to revise provisions in SOP 50 10 7.1 related to:
- Borrowers operating in leased space
- Equity requirements for complete partner buyouts and partial changes of ownership
- 7(a) loan maturities for complete changes of ownership and
- Provisions related to the use of 7(a) loan proceeds to refinance same institution debt.
The changes are effective December 6, 2023.
Please see the Notice for details regarding the SOP revisions. NAGGL will provide an ONDEMAND session to walk through the new requirements.
