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  • Writer's pictureLori N. McCausland

Hot off the presses! SBA issues new SOP 50 10 7



It’s here – what we’ve all been waiting for: the latest update for SOP 50 10 7, Lender and Development Company Loan Programs!


(You have been eagerly waiting, right? Or is it just us, because we’re SBA nerds?)


All kidding aside, this SOP update takes effect August 1st, 2023. Until then, of course, you’ll continue using SOP 50 10 6, through July 31st. Read the full update here.


Also, note that SBA released three Notices with the SOP update:


- Information Notice 5000-847027, informs us that the SOP 50 10 7 update has been released and provides information regarding the biggest changes. Read it here.


- Procedural Notice 5000-846991, “Implementation of the Removal of the Loan Authorization,” impacting 7(a) and 504 programs. Read it here. UPDATED: This notice was revised and updated as of May 26, 2023. The updated notice is here. Be aware that the delay in implementation described in the updated notice is only for 7(a) loans; the implementation schedule is as originally written for 504 programs.


- Procedural Notice 5000-846607, “Implementation of the Final Rule on Affiliation and Lending Criteria for the SBA Business Loan Programs,” which discusses exactly what the title says it does! Read it here.


As always, we’re ready to answer any questions you may have and we’re here to help you bring your team up to speed on these updates. The nuances of new SOP changes can be hard to remember when you’ve developed processes and habits to follow since the last update was released almost two years ago. Updating your checklists will help you avoid mistakes – and you know checklists are one of our favorite things! Give us a call at 855 576 0819, or contact us through our website!




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