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SBA eases some line-of-credit refinancings
WASHINGTON (2/13/09)—The U.S. Small Business Administration (SBA) has revised its procedures to make it easier for its lenders to refinance existing lines of credit. The SBA Thursday released the first revision to its procedural guidance governing lender participation and loan processing for its two major loan guarantee programs: 7(a) and 504. The revisions to the Standard Operating Procedure (SOP), the agency release said, reflect suggestions made by participating lenders and include a modification to SBA’s policy on refinancing existing lines of credit. The change is intended to make it easier for lenders to use the 7(a) loan guarantee program to refinance an existing line of credit, especially as a part of a complete refinancing of a small business borrower’s debt. Last August, the SBA implemented its the first major SOP (SOP 50 10)overhaul in ten years. It included streamlining from 1,000 pages to 400 and making it more logically organized and user friendly. The SBA also has made a commitment to update the document semi-annually.
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