Farewell, 2010s. All in all: a pretty good decade. Over the past 10 years, we’ve seen slow but steady economic improvement, along with several developments on the SBA front: a new SBAOne platform, various versions of the SOP 50 10 5 and a new version of SOP 50 57. We also saw several SBA forms retired and incorporated into new versions of Form 1920 and Form 1919. Rates froze for some time but slowly moved again for a short time. The secondary market has improved and lenders have increased their lending.
Looking forward, we’re preparing for a new SOP 50 10 to be issued this quarter. And we’ve been told that there’s a new SOP 50 57 to follow. As we know from past experience, each new SOP carries some likelihood of updates to existing forms and some new ones too. Updates to SBAOne and ETran will likely follow. And of course, there will always be a need to clarify some issue or another. Think Credit Elsewhere, for example.
From my perspective, one of my favorite things about SBA Lending is that change is a given. It’s never the same day after day, loan after loan. Each loan has a personality and characteristics all its own. While there are often similarities in the loans we see, there is never a cookie cutter loan – or a cookie cutter solution. The diversity of the clients and communities our lenders serve also adds to the enjoyment of what we do. Seeing the positive impact small business lending has on small businesses nationwide is a great thing to be involved in on any level.
At J.R. Bruno & Associates, we’re looking forward to the next decade of working with our lender clients, reaching out to new ones, and continuing to be a part of the success and integrity of the SBA Program. We’ll keep you all updated on changes as they occur and look forward to your feedback and questions as we go.
Farewell, 2010s. Hello, New Decade!