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SBA | RIN: 3245-AG74 | Publication ID: Spring 2020 |
Title: Express Loan Programs; Affiliation Standards | |
Abstract:
SBA has issued regulations for the SBA Express loan program, codified in section 7(a)(31) of the Small Business Act. The SBA Express loan program reduces the number of Government mandated forms and procedures, streamlines the processing and reduces the cost of smaller, less complex SBA loans. Particular features of the SBA Express loan program include: (1) SBA Express loans carry a maximum SBA guaranty of 50 percent; (2) SBA Express lenders use, to the maximum extent practicable, their own documentation, analyses, policies and procedures; and (3) a response to an SBA Express loan application will be given within 36 hours. SBA has also issued regulations for the Export Express Program codified at 7(a)(34) of the Small Business Act. The Export Express Program, made permanent by the Small Business Jobs Act, makes guaranteed financing available for export development activities. To date, SBA’s regulations have not included specific guidance on these two 7(a) delivery methods. Also, this rule makes changes to the borrower contribution requirements for SBA-guaranteed loans, modifications to the affiliation principles, and fees charged to borrowers. Finally, this rule makes changes to microloans to small businesses. |
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Agency: Small Business Administration(SBA) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Deregulatory | |
CFR Citation: 13 CFR 120 13 CFR 121 13 CFR 103 | |
Legal Authority: 15 U.S.C. 636(a)(31) and (34) 15 U.S.C. 636(m) 15 U.S.C. 697 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Dianna L. Seaborn Director, Office of Financial Assistance Small Business Administration 409 Third Street SW, Washington, DC 20416 Phone:202 205-3645 Email: dianna.seaborn@sba.gov |