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SBA Procedural Notice: Temporary Procedures for Closing SBA Loans to Microloan Intermediaries

Summary

SBA Procedural Notice, Control No. 5000-20022, effective April 27, 2020, to SBA employees and SBA Microloan Program intermediary lenders, on temporary procedures for closing SBA loans to microloan intermediaries. Effective immediately and until September 30, 2020, SBA allows intermediary lenders to submit scanned copies of signed closing documents to District Counsels to close SBA loans. Intermediaries must also submit a copy of the driver's license, or other valid identification, of each person executing the Loan Authorization and Agreement, Note and Security Agreement.

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Full text

                       SBA Procedural Notice

TO: All SBA Employees and SBA Microloan                                             CONTROL NO.: 5000-20022
Program Intermediary Lenders
                                                                                    EFFECTIVE: April 27, 2020
SUBJECT: Temporary Procedures for Closing
SBA Loans to Microloan Intermediaries




Effective immediately and until September 30, 2020, 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 November 1, 2020:

   •   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:

U.S. Small Business Administration
Daniel Upham, Chief Microenterprise Development Division
409 3rd Street, S.W. 8th Floor
Washington, DC 20416


PAGE 1 of 2                                                                                 EXPIRES: 4-1-2021
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
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.




William M. Manger
Associate Administrator
Office of Capital Access




PAGE 2 of 2                                                                                 EXPIRES: 4-1-2021
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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