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Implementing the New SBA : Streamlining Loan Servicing - sba

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The SBA Procedural Notice outlines changes to streamline loan servicing by eliminating unnecessary reviews and actions by the Commercial Loan Servicing Centers (CLSCs) for delegated servicing actions. Effective immediately, CLSCs will no longer process actions that lenders or Certified Development Companies (CDCs) can handle independently. The notice specifies which actions require SBA approval and which do not, aiming to enhance efficiency in the agency's operations.

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What is the new SBA working capital loan program?

The SBA Working Capital Pilot (WCP) program offers business lines of credit as part of the SBA 7(a) loan program. Although the SBA also offers lines of credit through the CAPLines program, the WCP program is designed to provide greater flexibility and serve a wider range of small-business owners.

What is the SBA 7a working capital loan?

The 7(a) Loan Program, SBAs primary business loan program, provides loan guaranties to lenders that allow them to provide financial help for small businesses with special requirements. 7(a) loans can be used for: Acquiring, refinancing, or improving real estate and buildings. Short- and long-term working capital.

What is the new SBA working capital loan?

SBA Form 1920 has been retired as of August 1, 2023.

What is the difference between SBA 7a and 504?

On August 1, 2024, the SBA launched a new 7(a) Working Capital Pilot Program (WCP). The WCP is designed to provide small business owners with greater flexibility and access to working capital through a line of credit of up to $5 million.