Procedural Notice: Extension of Temporary Procedures for Closing SBA Loans to Microloan Intermediaries
Summary
SBA Procedural Notice, Control No. 5000-20088, effective January 28, 2021, to SBA employees and SBA Microloan Program intermediary lenders, extending the temporary procedures for closing SBA loans to microloan intermediaries. It extends the guidance of earlier procedural notices, including the original notice effective April 27, 2020 and Procedural Notice 5000-20054, effective September 29, 2020. The extended procedures concern 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.: 5000-20088
Program Intermediary Lenders
EFFECTIVE: January 28, 2021
SUBJECT: Extension of Temporary Procedures for
Closing SBA Loans to Microloan Intermediaries
This notice is being issued to extend the guidance set forth in SBA Procedural Notice 5000-
20022, “Temporary Procedures for Closing SBA Loans to Microloan Intermediaries,”
effective April 27, 2020; SBA Procedural Notice 5000-20054, “Extension of Temporary
Procedures for Closing SBA Loans to Microloan Intermediaries,” effective September 29,
2020; and SBA Procedural Notice 5000-20062 “Extension of Temporary Procedures for
Closing SBA Loans to Microloan Intermediaries,” effective November 23, 2020, for an
additional three months.
Effective immediately and until April 30, 2021, SBA is allowing Microloan Program
Intermediary Lenders 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.
Intermediary Lenders must submit the following closing documents, with original signatures, to
SBA by June 1, 2021:
• Loan Authorization and Agreement
• Note
• Security Agreement
• Deposit Account Control Agreement
• Resolution of the Intermediary’s Board of Directors
PAGE 1 of 2 EXPIRES: 1-1-22
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
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:
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.
John A. Miller
Acting Associate Administrator
Office of Capital Access
PAGE 2 of 2 EXPIRES: 1-1-22
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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- Original
- www.sba.gov