Extension of Temporary Procedures for Closing SBA Loans to Microloan Intermediaries
Summary
SBA Procedural Notice, Control No. 5000-820756, effective September 29, 2021, to SBA employees and SBA Microloan Program intermediary lenders, further extending the temporary procedures for closing SBA loans to microloan intermediaries. It extends the guidance in an earlier procedural notice of the same title, effective April 30, 2021. The procedures cover the closing of SBA loans to Microloan Program intermediaries.
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Full text
SBA Procedural Notice
TO: All SBA Employees and SBA Microloan CONTROL NO.: 5000-820756
Program Intermediary Lenders
EFFECTIVE: September 29, 2021
SUBJECT: Extension of Temporary Procedures for
Closing SBA Loans to Microloan Intermediaries
The purpose of this Notice is to further extend the guidance to SBA employees and Microloan
Program Intermediary Lenders (Intermediaries) set forth in SBA Procedural Notice 5000-
809222, “Extension of Temporary Procedures for Closing SBA Loans to Microloan
Intermediaries,” effective April 30, 2021. The guidance in SBA Procedural Notice 5000-
809222 is being extended retroactive to August 1, 2021, and through February1, 2022, due to
the continued uncertainty of the ongoing Coronavirus Disease 2019 (COVID-19) pandemic.
Effective August 1, 2021, and until February 1, 2022, SBA is allowing Microloan Program
Intermediaries to submit scanned copies of signed closing documents to District Counsels in
order to close SBA loans. Intermediaries must also submit a copy of the driver’s license (front
and back), or other valid form of identification, of the person(s) executing the Loan
Authorization and Agreement, Note, and Security Agreement. District Counsels will email the
closing package, including all scanned closing documents required in Paragraph 3.C.6. of SOP
52 00 B, to the assigned SBA analyst. All other closing requirements remain unchanged.
Intermediaries must submit the following closing documents, with original signatures, to SBA
by March 31, 2022:
• Loan Authorization and Agreement
• Note
• Security Agreement
• Deposit Account Control Agreement
• Resolution of the Intermediary’s Board of Directors
Where necessary, documents may be executed in counterparts. All documents should bear
the date of original execution and must match the scanned documents submitted to close the
loan. Original signed closing documents must be sent via overnight courier to:
PAGE 1 of 2 EXPIRES: 9/1/22
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
Federal Recycling Program Printed on Recycled Paper
U.S. Small Business Administration
Daniel Upham, Chief Microenterprise Development
Division 409 3rd Street, S.W. 8th Floor
Washington, DC 20416
Questions
Questions on this Notice may be directed to Daniel Upham, Chief, Microenterprise
Development Division, Office of Financial Assistance via email at Daniel.Upham@sba.gov.
Dianna L. Seaborn
Director
Office of Financial Assistance
PAGE 2 of 2 EXPIRES: 9/1/22
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
Federal Recycling Program Printed on Recycled Paper
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- www.sba.gov