I love spring. For me spring has always meant a time for renewal, for cleaning the cobwebs from brain, the dust from my files – and the clothes I haven’t worn for ages from my closet! I get ready in the fall and go at it as spring rolls around. As with our personal lives, our business lives can use a planned spring cleaning too.

In an effort to organize myself and keep on top of things, every year I make myself a Spring Cleaning Checklist for SBA. It’s a good idea for your SBA lending operations too. Taking care of things in the spring helps head off any potential issues in the year ahead. Here are my Top 10 suggestions for your SBA Spring Cleaning Checklist:

  1. Update all policies and procedures.
  2. Make sure all forms are updated or new forms are implemented.
  3. Have Annual Service letters ready to go out and your team ready for analysis.
  4. Ensure that Annual re-amortization for loans is complete or on the calendar.
  5. Verify that your 1502 Report is in balance with Colson – and pesky exception reports are dealt with.
  6. Have your staff training schedule in place.
  7. See that regional and national SBA conferences are on your calendar.
  8. Make sure updates for your Semi-Annual Liquidation Status Report are ready for SBA when the email comes in.
  9. Ensure that your annual sam.gov for SBA employees/brokers/LSPs has been completed.*
  10. Make sure Property Taxes are current on all properties held as collateral.

In the day-to-day operations of an active SBA program, it’s easy to get tunnel vision and miss the big picture. A Spring Cleaning Checklist will help get your portfolio on the right track and give you a jumpstart on a year of successful SBA lending!

Rebecca Mendoza|
Senior Associate

J.R. Bruno & Associates

*Effective June 2017, users can no longer access the System for Award Management (SAM) using Internet Explorer (IE) Versions older than IE11. Users need to upgrade to an Internet Explorer version of IE11 or higher, or access SAM with another supported browser type (Chrome, Firefox, Safari, etc.)