October 2007

SBA loan program reform initiative unveiled

The U.S. Small Business Administration has revealed several major reforms to make its loan programs more effective and its products easier to use.

To make the SBA more goal-oriented and accountable to customers, the agency sought extensive feedback from its district offices and lending partners on ways to improve services. The result is a loan-reform initiative that will aim to increase SBA’s outreach to clients in underserved markets, enhance its relationship with lending partners, and strengthen its ability to help small businesses start and grow. 

Components of the Loan Program Reform Initiative include a new standard operating procedure (SOP) that is shorter and better organized; a streamlined tab system to help lenders organize their loan purchase packages by breaking down the sets of documents necessary into 45 sections; a 45-day pledge to speed up the loan process and eliminate errors; new and improved products and services; and loan processing modernization and backlog reduction.

Source: U.S. Small Business Administration, www.sba.gov

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