Small Business Administration Requirements
The United States Small Business Administration (SBA) has recently adopted new Standard Operating Procedures (SOP). This new SOP has broad impact in a number of areas, inclduing the requirements regarding environmental due diligence. These new requirements bring SBA-backed loans into line with requirements typical of most commercial loans where real estate is offered as collateral. Specifically, the new SOP requires that a much more extensive environmental due diligence be performed than in the past. The new requirements take effect August 1, 2008.
In order to determine exactly what requirements apply to a particular loan, a number of factors must be considered. The size of the loan, the type of business operations currently performed at the property and any historical uses of the property are a few examples of the necessary considerations when determining exactly waht is required by SBA. Lenders may feel ill-equipped to properly assess these new federal requirments given the circumstances of each loan / property.
As a result of these new requirements, TERMS has developed a program to assist lenders, companies and individual property owners to conform to SBA regulations. The program includes:
- FREE SBA Databank containing all necessary regulations and documents
- TERMS SBA Compliance Service including:
- Regulatory overview and explanation
- The TERMS SBA Environmental Requirements Calculator
- Online and downloadable Environmental Questionnaires
- Listing of Environmentally Sensitive Industries
- TERMS SBA Helpdesk providing users with FREE assistance within 24 hours to any SBA environmental requirements issue.
To access the TERMS SBA Compliance Service please Login or Register here.
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