Comments Due to NAFCU: SBA - Affiliation and Lending Criteria for the SBA Business Loan Programs
NAFCU would like to highlight the following:
- The rule would require lenders to underwrite SBA loans using the same credit analysis processes and procedures used for their similarly-sized, non-SBA guaranteed commercial loans.
- The rule would increase the threshold for 7(a) and 504 loans requiring hazard insurance on collateral to only loans greater than $150,000.
- The proposed rule would allow Borrowers to use 7(a) loan proceeds to purchase a portion of a business or an entire business, which was previously prohibited.
Comments due to NAFCU: December 2, 2022
Comments due to the SBA: December 27, 2022
NAFCU will send comments on behalf of its members to the SBA by its deadline (December 2, 2022).