WASHINGTON -
As part of Administrator Steve Preston's agenda to make SBA more goal-oriented and accountable to customers, the agency sought extensive feedback from its district offices and lending partners on ways to improve services. The result is a loan reform initiative that will increase SBA's outreach to clients in underserved markets, enhance its relationship with lending partners and strengthen its ability to help small businesses start and grow. Components of the Loan Program Reform Initiative include: a new, more-friendly standard-operating procedure that is shorter and better organized; a Streamlined Tab System to help lenders organize their loan-purchase packages by breaking down the sets of documents into 45 sections; and a 45-Day Pledge that will provide lenders in 45 days or less whether it will be purchased.
In addition, SBA unveiled Rural Lender Advantage, a simpler loan-approval process designed to spur economic growth in America's rural communities. The agency also intends to modify its Community Express loan program so that it is simpler for lenders and borrowers to use and focused more on underserved markets. Finally, this summer SBA announced the new Patriot Express Pilot Loan as the latest extension to the financial, procurement, and technical assistance programs the agency provides to the military community. Patriot Express is a streamlined loan product based on SBA's highly successful SBA Express Program, but with enhanced guarantee and interest rate characteristics.
