In efforts to make the agency more small business-friendly and results-focused, the Small Business Administration (SBA) announced today that it is rolling out several major reforms to make its loan programs more effective and easier to use.
After conducting primary research on small business needs and examining ways to improve services, the SBA has crafted a loan reform initiative comprised of a set of new processes and products that have the potential to increase their outreach to small businesses in underserved markets; enhance relationships with lending partners; and strengthen the agency's ability to help small businesses start and grow.
Components of the Loan Program Reform Initiative include:
- New Standard Operating Procedure: A shorter and more lender-friendly procedure that is remarkably shorter and better organized.
- Streamlined Tab System: Helps lenders organize their loan purchase package by breaking down sets of documents.
- 45-Day Pledge: The SBA is offering lenders major incentives to speed up processing time.
- New, Improved Products & Services: Includes its Rural Lender Advantage. Community Express Loan Program and new Patriot Express Pilot Loan.
Today, the SBA processes more than 100K loans per years, twice the amount it did five years ago; currently there are more than 300K SBA-backed loans outstanding. To combat this problem, the agency is standardizing its review process, reengineering its processing centers, and upgrading its central training so as to eliminate the backlog and prevent future occurrences of it.
Shivonne Byrne, Innuity CMO
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Posted by: dax | May 22, 2008 at 02:25 AM