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SBA makes improvements to help small businesses According to an August 18, 2023, press release, Administrator Isabella Casillas Guzman announced the U.S. Small Business Administration (SBA) Small Business Investment Company’s (SBIC) Diversification and Growth Final Rule is effective today. Under the new rule, which supports the Biden-Harris Administration’s economic and equity priorities, the SBA will implement regulatory and policy reforms to increase access to private equity and debt capital for: • Underserved small businesses and startups, • Undercapitalized critical technologies, • Diverse and emerging fund managers, and • Innovation investment. Starting August 17, private market fund managers can apply for SBIC licenses designed for investing in American small businesses and startups with equity-oriented or long-duration strategies. The two new SBIC licenses – the “Accrual SBIC” and the “Reinvestor (Fundof-Funds) SBIC” – expand the SBIC program network of private market financing partners and the SBA’s reach to historically underserved small businesses and startups. Critically, the regulatory and policy reforms are designed to reduce the financial burden for new program applicants and provide a more streamlined application experience. “The Biden-Harris Administration is committed to ensuring small businesses can access capital for growth – especially aligned with our focus on equity, manufacturing, and innovation that will power our economy into the future. SBA’s partnerships with private funds in the SBIC program deliver so America’s small businesses can take advantage of opportunities as the President Invests in America, and these transformational reforms break THE ORIGINAL... PNEUMATIC ROTARY SHAMPOO TOOLS & MORE DETAILPLUS.COM || 503-251-2955 down the structural limitations in the SBIC Program to increase the flow of equity and debt financing to underserved communities, capital-intensive industries, and technology areas critical to U.S. national security and economic development,” said Administrator Guzman. In other news, lending program improvements have expanded access to capital and increased protection against fraud. According to an August 1, 2023, press release, on August 1, the SBA began implementing additional policies aimed at expanding small business access to capital by modernizing SBA’s signature 7(a) and 504 Loan Programs. Today’s loan program updates build on Administrator Isabella Casillas Guzman’s previous announcements that address long-standing persistent capital access gaps for rural, veteran, women, and minority-owned businesses. The loan program improvements will increase small businesses’ ability to access funding to start up and grow through a broader network of lenders with streamlined lender procedures. The new, simplified guidelines for lenders are part of three updated Standard Operating Procedures (SOP), including updated origination policies and procedures, lender participation requirements, and 7(a) loan servicing and liquidation requirements. For example, SBA is providing additional flexibility in credit criteria for loans under $500,000 to support SBA loans in reaching more credit-worthy small businesses. SBA made it easier to understand who qualifies for an SBA loan by clarifying affiliation standards, which can determine which businesses count as “small,” and is now bringing eligibility determination in-house through technology upgrades. Together, these changes will help small businesses and lenders know who qualifies up-front. SBA will use advanced data analytics and third-party data checks for fraud review on all loan programs before approval. SBA also streamlined information requirements for lenders, making it easier to work with SBA. For example, SBA no longer requires duplicative data entry in the Loan Authorization Wizard and instead will use information already entered into the system to produce a Terms and Conditions Sheet electronically. SBA recognizes that small businesses, particularly those owned by individuals in underserved communities who are highly entrepreneurial, still face long-standing barriers in accessing capital needed to start or grow their businesses. These changes include permanency in SBA lending for mission-driven organizations like Community Development Financial Institutions (CDFIs), which have a track record of filling capital gaps in underserved communities but were previously participating in SBA lending through a temporary pilot program called Community Advantage. These lenders are securing permanency in the 7(a) Loan Program by becoming Community Advantage Small Business Lending Companies (CASBLCs). The following three SBA SOPs took effect on August.1, bringing many of the new policies into practice: • SOP 50 10 7: Lender and Development Company Loan Programs -- Contains SBA’s policies and procedures governing the 7(a) and 504 loan programs. • SOP 50 56: Lender participation requirement -- Contains the criteria for becoming an SBA Lender. • SOP 50 57: 7(a) Loan Servicing and Liquidation -- Contains the policies and procedures for 7(a) loan servicing and liquidation. A new feature SBA will begin accepting is the Universal Purchase Package (UPP), which will streamline the process for lenders to request SBA honor its loan guaranty, and SBA will introduce new features in E-TRAN, SBA’s online platform used by lenders to upload loan applications. The SBA has a robust outreach and education program to assist its stakeholders in accessing such resources. In advance of these program updates, more than 13,500 people attended SBA live training events, and on-demand training for lenders has been viewed over 15,300 times. 16 | AUTO DETAILING NEWS | VOL. 8, NO. 3 • FALL 2023
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