As of August 1st, 2023 the new Standard Operating Procedure (“SOP”) for SBA lending (Small Business Administration Loan Programs) went into effect, and there was an update that went into effect on 11/15/23 that further clarified many of the changes already included in the August update.

What a rollercoaster of a year 2023 has been. So much has happened in the commercial financing world it is hard to summarize it all. Now that we are in the final days of December, we hope to bring some perspective to what has certainly been a crazy year in the banking world and set some expectations for 2024.

As of August 1st, 2023, the new Standard Operating Procedure (“SOP”) for SBA lending (Small Business Administration Loan Programs) went into effect. There were many changes in the new SOP which impacts the SBA lending programs quite substantially.

Although the fallout from the various large bank failures earlier this year seem to largely be behind us, the banking industry is continuing to struggle from a wide variety of stresses that do not seem likely to disappear anytime soon.