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<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom"><channel><title>News & Press</title><link>https://www.naggl.org/news/</link><description><![CDATA[ .ViewTable1 a {color: #1794ba !important;} ]]></description><lastBuildDate>Thu, 26 Dec 2024 19:52:49 GMT</lastBuildDate><pubDate>Mon, 23 Dec 2024 16:49:00 GMT</pubDate><copyright>Copyright © 2024 NAGGL</copyright><atom:link href="http://www.naggl.org/resource/rss/news.rss" rel="self" type="application/rss+xml"></atom:link><item><title>Updated: SBA Issuance of CA SBLC Notice</title><link>https://www.naggl.org/news/689409/</link><guid>https://www.naggl.org/news/689409/</guid><description><![CDATA[<p><b><span style="background: white; font-size: 10.5pt;">The Procedural Notice described below was posted to SBA’s website on December 19, 2024, as <a href="https://www.sba.gov/document/information-notice-5000-860909-ca-sblc-requests-increase-7a-loan-size-or-geographic-lending-territory">Procedural Notice 5000-860909</a> with an effective date of December 17.</span></b></p><p style="background: white;"><span style="font-size: 10.5pt; color: black;">In an email sent to lenders on December 16, SBA provided <a href="https://sba.app.box.com/s/48qy08ergzg5pbr52jsc4pugu9ahry73"><span style="color: #1794ba;">advance notice</span></a> of its intent to issue an Information Notice to provide guidance regarding the processes by which specified Community Advantage Small Business Lending Companies (CA SBLCs) will be able to: </span></p><ol start="1"> <li style="color: black; background: white;"><span style="font-size: 10.5pt;">Increase their maximum loan size from $350,000 to $500,000; and,</span></li> <li style="color: black; background: white;"><span style="font-size: 10.5pt;">Expand their geographic lending territory beyond the area specified in the lender's business approved by SBA.</span></li> </ol><p style="background: white;"><span style="font-size: 10.5pt; color: black;">The notice has not yet been assigned a number or an effective date. </span></p><p style="background: white;"><span style="font-size: 10.5pt; color: black;">The notice states that, effective January 1, 2025, SBA will increase the CA SBLC loan maximum to $500,000 for all active CA SBLCs with satisfactory SBA performance that are in good standing as determined by SBA. These criteria are defined in the notice. SBA will notify the lenders that meet the specified conditions individually that their maximum loan size has been increased, and after this notice is received from SBA, the lender may begin making loans greater than $350,000. </span></p><p style="background: white;"><span style="font-size: 10.5pt; color: black;">In addition, beginning January 1, 2025, SBA will permit CA SBLCs meeting the satisfactory performance and good standing criteria described in the notice to apply for authority to expand the geographic areas in which they are authorized to make 7(a) loans. The notice provides a detailed list of the required application documents and instructs CA SBLCs to send applications for territory expansions to <i><a href="mailto:CAloans@sba.gov"><span style="color: #1794ba;">CAloans@sba.gov</span></a></i>. </span></p>]]></description><category>7(a) Updates</category><pubDate>Mon, 23 Dec 2024 16:49:00 GMT</pubDate></item><item><title>FY25 Funding Update - 12/21/24</title><link>https://www.naggl.org/news/689915/</link><guid>https://www.naggl.org/news/689915/</guid><description><![CDATA[<p><b>A Morning Shutdown as Congress Passes Last Minute CR After Midnight Deadline and Awaits Biden Signature</b></p> <p>In another abrupt turn of events, the House passed a Continuing Resolution (CR) on Friday evening, the Senate passed the bill early Saturday morning after missing the midnight deadline, and now the bill is expected to be signed by President Biden this morning, according to the White House. The new CR is effective when it is signed by the President. </p> <p>This latest CR is a simplified version from the bipartisan agreement that was reached earlier this week, but which was renegotiated after President-elect Trump expressed his opposition. In particular, this CR includes an extension of funding to March 14, 2025, as well as $110 billion in disaster aid and a one-year farm bill extension. Notably, it does not include an extension of the debt ceiling, which is a component of the deal that Trump asked to be included.</p> <p>While SBA had sent out information via email to lenders earlier this week regarding treatment of the Secondary Market during a shutdown and then again last night from the Office of Financial Assistance (OFA) regarding E-Tran and CAFS operational capacity during a shutdown, there are also reports that the White House stopped shutdown procedures given that the shutdown would only last for a minimal duration this morning. If lenders experience any impact on operations, please let us know by reaching out to <strong><a href="mailto:info@naggl.org">info@naggl.org</a></strong>.</p><p> </p>]]></description><category>Government Relations Updates</category><pubDate>Sat, 21 Dec 2024 13:02:00 GMT</pubDate></item><item><title>7(a) Secondary Market Restrictions if Funding Lapse </title><link>https://www.naggl.org/news/689794/</link><guid>https://www.naggl.org/news/689794/</guid><description><![CDATA[<p><span style="font-size: 11pt;">As NAGGL previously advised, the Continuing Resolution (CR) under which the government, including SBA, currently is operating expires on December 20 and </span><span style="color: #403f42; font-size: 10.5pt;">the risk for a funding lapse has significantly increased. Therefore, lenders need to be prepared for the possibility of a government shutdown which could last for some time. By</span><span style="font-size: 11pt;"> email sent to lenders on December 19,<strong><a href="https://www.naggl.org/resource/resmgr/sba/2024/FTA_SecMkt_Shutdown_2024.pdf"> SBA provided guidance</a></strong> regarding the restrictions that will be imposed on Secondary Market sales if SBA funding lapses on December 20. </span></p> <p><span style="font-size: 11pt;">In accordance with the SBA message, if there is a government shutdown due to a lapse in funding after 11:59 pm ET on December 20, SBA 7(a) Secondary Market sale and pool formation processes will operate under the following parameters: </span></p> <ul style="list-style-type: disc;"> <li><p><span style="font-size: 11pt;">“Settlement: A loan must be entered into the Settlement Express application within the SBA's Capital Access Financial System (CAFS) and all completed sale documentation must be sent to the FTA's <a href="mailto:settlementexpress@sba.gov">settlementexpress@sba.gov</a> inbox<strong><span style="font-weight: normal;"> prior to 5 PM ET on Friday, December 20, 2024,</span></strong> for the sale of a SBA 7(a) loan into the Secondary Market to continue. No exceptions will be provided to this deadline.”</span></p></li> <li><p><strong><span style="font-size: 11pt; font-weight: normal;">“Transfer (Detached Assignment): </span></strong><span style="font-size: 11pt;">Assignees may continue to present SBA Form 1088, Secondary Market Assignment and Disclosure Form, and its related registered certificate for transfer to the FTA for SBA 7(a) Secondary Market Certificate Transfers. This includes Confirmation of Originator Fee transfers.”</span></p></li> <li><p><strong><span style="color: #003366; font-size: 11pt; font-weight: normal;">“Pooling: </span></strong><span style="font-size: 11pt;">SBA 7(a) Pooling will follow the normal December 2024 pool formation calendar published on the FTA Wiki. January 2025 pooling may be suspended depending on the duration of the government shutdown. Upon restoration of appropriations and the resumption of orderly operations, an eligible pool formation calendar will be published.”</span></p></li></ul> <p><span style="font-size: 11pt;">Monitor <a href="http://www.naggl.org">www.naggl.org</a> and watch for messages from NAGGL for updates regarding the status of government funding and any possible shutdown. </span></p>]]></description><category>7(a) Updates</category><pubDate>Fri, 20 Dec 2024 12:59:00 GMT</pubDate></item><item><title>Urgent: Risk of Government Shutdown Significantly Increased </title><link>https://www.naggl.org/news/689722/</link><guid>https://www.naggl.org/news/689722/</guid><description><![CDATA[<p><b>NAGGL’s President and CEO, Tony Wilkinson, today issued the following statement</b>: </p> <p><i>“The 7(a) industry needs to be aware that the risk for a government shutdown has significantly increased over the past 24 hours and lenders should be at least prepared for a government shutdown of some length. Congressional leaders are currently working to negotiate a deal to fund the government beyond the Friday, December 20 deadline, which gives lawmakers until midnight on Saturday morning to prevent a shutdown. Given how fluid these negotiations are, it is currently unknown when a deal could come together or, if there is a shutdown, how long it could last. Since the 7(a) Loan Program and the Secondary Market Guarantee Program both rely upon the federal government remaining operational, NAGGL, as always, will remain on top of the latest coming out of Capitol Hill, and make sure that we are keeping you all apprised of how any funding deal or possible shutdown will impact your important work.”</i></p> <p> </p> <p><b>Key Facts to Keep in Mind Relating to 7(a) Lending In the Event of a Shutdown</b>:</p> <ul style="list-style-type: disc;"> <li>In the event of any shutdown, there are no new 7(a) loan approvals (including loan increases) and no new sales on the secondary market.</li> <li>Ahead of previous shutdown threats during this Administration, SBA has said in the past regarding the secondary market that:</li> </ul> <ul style="margin-left: 40px; list-style-type: circle;"> <li>The sale of SBA 7(a) loans into the Secondary Market may continue only for those loans where all required sale documentation was received by the FTA via <a href="mailto:settlementexpress@sba.gov">settlementexpress@sba.gov</a> on or before a specific deadline announced by SBA. </li> <li>Assignees may continue to present SBA Form 1088, Secondary Market Assignment and Disclosure Form, and its related registered certificate for transfer to the FTA for SBA 7(a) Secondary Market Certificate Transfers. This includes Confirmation of Originator Fee transfers. </li> <li>SBA 7(a) Pooling will be suspended for the duration of the government shutdown. Upon restoration of appropriations and resumption of orderly operations, an eligible pool formation calendar will be published on the FTA Wiki.</li></ul> <p>When it comes to how SBA will approach this particular possible shutdown, SBA will communicate with lenders directly as to the details of any shutdown plan and NAGGL will be sure to forward along to lenders any instructions coming out of SBA.</p> <p><b>Background:</b> This turnaround in government funding negotiations abruptly occurred late yesterday afternoon when President-elect Trump issued a statement opposing the bipartisan deal negotiated by Speaker Johnson that would have extended funding under another Continuing Resolution (CR) to March 14, 2025. Trump has specifically called out that the Johnson CR, which contains 1,500 pages of policy and miscellaneous funding, including $100 billion in disaster aid, needs to be a “clean CR,” which means a stripping away of additional spending (though Trump has indicated he is okay with disaster funding being including). Trump is also insisting that any deal must include a deal to lift or suspend the debt ceiling, which is slated to be hit sometime in the beginning half of 2025 (some estimates indicate June, others project it could be reached sooner). Trump’s position have meant that Johnson’s deal now needs to be renegotiated. However, it appears highly unlikely that by midnight tomorrow a clean CR <u>with</u> a debt ceiling lift will be negotiated and passed. </p>]]></description><category>Government Relations Updates</category><pubDate>Thu, 19 Dec 2024 17:10:00 GMT</pubDate></item><item><title>FY 2025 Fee Calculator</title><link>https://www.naggl.org/news/688598/</link><guid>https://www.naggl.org/news/688598/</guid><description><![CDATA[<p><span style="color: black;">SBA's Loan Guaranty Processing Center (LGPC) has posted its <strong><a href="https://www.naggl.org/resource/resmgr/sba/2024/FY2025_LGPC_Guaranty_Fee_Ca.xlsx">FY 2025 interactive fee calculator</a></strong>.</span><span style="color: #a37519;"> </span><span style="color: black;">This calculator is helpful to lenders when they calculate the fees that will be due on loans made this fiscal year (October 1, 2024 to September 30, 2025), especially when the borrower (and any affiliates) is receiving two loan approvals within 90 days. It also provides valuable information about the FY 2025 fees and a link to the SBA notice announcing those fees. </span></p>]]></description><category>7(a) Updates</category><pubDate>Fri, 6 Dec 2024 04:10:00 GMT</pubDate></item><item><title>Additional SBA Guidance Regarding Closing Out PPP Loans</title><link>https://www.naggl.org/news/688532/</link><guid>https://www.naggl.org/news/688532/</guid><description><![CDATA[<p>SBA has published a new set of<strong><a href="https://www.naggl.org/resource/resmgr/sba/2024/SBA-PPP-FAQs-Post-Originatio.pdf"> Frequently Asked Questions (FAQs) relating to PPP loans</a></strong>. The document, dated November 13, 2024, is intended to provide guidance “to address borrower and lender questions concerning forgiveness loan reviews and guaranty purchases of Paycheck Protection Program (PPP) loans, as provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act), the Economic Aid Act (EAA), and the American Rescue Plan Act (ARPA)”.</p> <p>NAGGL also has been informed that SBA's Office of Financial Assistance (OFA) has reached out to some PPP lenders, on an individual basis, to advise them that SBA has "established a process to expeditiously address outstanding PPP loans for PPP lenders with large, active PPP portfolios" and to inform the individual lenders that they have been selected to participate in an SBA-led resolution process. The lenders that received this correspondence were advised that they had been selected to participate in the SBA process because they had "a sizable, active outstanding PPP portfolio of loans that are not in repayment, according to SBA records". </p> <p>The notice informs the lender that SBA will identify all of the PPP loans in the lender's portfolio that "are active (not yet forgiven, paid in full, or guaranty purchased) that are not in repayment (at least 60 days delinquent, based on 1502 reporting)'" and will focus on these “Relevant Loans” for expedited guaranty purchase processing. According to the SBA message, the Agency "will take a statistically valid random sample (SVRS) of these Relevant Loans and review the loans in the sample as if each had been submitted for guaranty purchase". As part of this process, SBA stated that it "will request documentation needed for its review, just as the Agency would if each loan were submitted for guaranty purchase". Then, based on the reviews of this random sample of Relevant Loans, SBA "will determine which PPP loans would be approved for guaranty purchase and set a compliance rate for the SVRS" and "apply the compliance rate from the SVRS to the entire portfolio of Relevant Loans identified ... [by SBA] for SBA guaranty purchase payment. After SBA pays the lender the amount derived from this calculation, "the Lender will release SBA from any further guaranty purchase claims on the Relevant Loans". Based on our understanding of the SBA-provided information, lenders opting to have their guaranty purchase payments calculated under this system will receive payments based on SBA's examination of only a sample of the lender's PPP "Relevant Loans", not on the Agency's examination of the circumstances for each individual loan. To the best of our knowledge, this is the first time in the Agency's history that SBA has proposed this type of calculation for guaranty purchase payments. </p> <p>According to the SBA correspondence, the lenders identified by SBA as potential participants in the "PPP Portfolio Resolution Plan" have until December 20, 2024, to decide whether to opt into the expedited resolution process. For any lender that does not provide an affirmative response to SBA by this date, "the Agency will continue to review [the lender's] PPP guaranty purchase requests in a loan-by-loan fashion, as outlined in SBA Procedural Notice 5000-812316, SBA Procedural Notice 5000-835955, 13 CFR 120.520, 13 CFR 120.524 and the PPP Post Origination FAQs". SBA also reminds the lender that "all guaranty purchase requests must be submitted [to SBA] within 180 days of maturity or the opportunity to request guaranty purchase will expire". </p> <p>If the lender receiving the SBA correspondence has questions about the alternative purchase process, the SBA correspondence invites the lender to request an hour-long meeting with SBA where the core questions identified in the lender request may be addressed. </p> <p>NAGGL will provide additional information on this proposed alternative PPP resolution process if it becomes available. </p>]]></description><category>7(a) Updates</category><pubDate>Thu, 5 Dec 2024 22:05:00 GMT</pubDate></item><item><title>Former Senator Kelly Loeffler Named as Nominee for SBA Administrator</title><link>https://www.naggl.org/news/688531/</link><guid>https://www.naggl.org/news/688531/</guid><description><![CDATA[<p>Former Georgia Senator, Kelly Loeffler, was named yesterday by President-elect Donald Trump as his nominee for Administrator of the Small Business Administration. </p> <p>As part of his announcement, Trump stated: “Kelly will bring her experience in business and Washington to reduce red tape, and unleash opportunity for our Small Businesses to grow, innovate, and thrive. She will focus on ensuring that SBA is accountable to Taxpayers by cracking down on waste, fraud, and regulatory overreach.”</p> <p>In response to the nomination, NAGGL’s President and CEO, Tony Wilkinson, stated: “Oh behalf of the nearly 1,000 private-sector lenders that NAGGL represents, we congratulate former Senator Kelly Loeffler on her nomination by President-elect Trump to serve as SBA Administrator. Her years of business experience and her time serving in the Senate will be assets to her new role leading this critical Agency that supports Main Street America. We look forward to working closely with Sen. Loeffler so that we can partner together on ways to best grow and support the small business economy while also preserving the long-term integrity and responsible stewardship of the successful 7(a) Loan Program that, last year alone, served over 70,000 small businesses with private-sector capital.”</p>]]></description><category>Government Relations Updates</category><pubDate>Thu, 5 Dec 2024 21:44:00 GMT</pubDate></item><item><title>Update on Expected Notice Extending Prior Notices Amending SOP 50 10 7.1 </title><link>https://www.naggl.org/news/688528/</link><guid>https://www.naggl.org/news/688528/</guid><description><![CDATA[<p><span style="font-size: 12pt; font-family: Aptos, sans-serif;">During the NAGGL Annual Conference, SBA stated that it would be issuing a notice that would extend several previously published notices and provide additional policy clarifications and policy changes. The notice has not been issued yet but is expected soon. </span></p><p><span style="font-size: 12pt; font-family: Aptos, sans-serif;"></span><span style="font-family: Aptos, sans-serif; font-size: 12pt;">Monitor </span><a href="http://www.naggl.org/" data-auth="NotApplicable" style="font-family: Aptos, sans-serif; font-size: 12pt;">naggl.org</a><span style="font-family: Aptos, sans-serif; font-size: 12pt;"> for information regarding issuance of the expected Notice as well as information on the special NAGGL webinar that will discuss the contents of the notice. </span></p>]]></description><category>7(a) Updates</category><pubDate>Thu, 5 Dec 2024 21:41:00 GMT</pubDate></item><item><title>SBA 504 Connect Quarterly Update Dec 10</title><link>https://www.naggl.org/news/688527/</link><guid>https://www.naggl.org/news/688527/</guid><description><![CDATA[<p><span style="color: black;">The next quarterly 504 update will be held on Tuesday, December 10, 2024, at 3 PM ET. To receive information regarding the 504 Program, including information regarding upcoming 504 Connect Updates, send an email to <a href="mailto:OFANotifications@sba.gov">OFANotifications@sba.gov</a> with the following subject line: REQUEST TO SUBSCRIBE: OFA 504 Policy. [Emails to that address are read by computer software so the subject line must use the exact text shown.]</span></p>]]></description><category>News from SBA</category><pubDate>Thu, 5 Dec 2024 21:38:00 GMT</pubDate></item><item><title>New Version of the Servicing and Liquidations Actions 7(a) Matrix Now Available</title><link>https://www.naggl.org/news/686788/</link><guid>https://www.naggl.org/news/686788/</guid><description><![CDATA[<p style="color: #212121; font-size: 11pt; font-family: 'Open Sans', sans-serif;">SBA recently posted version 16 of the <a href="https://www.sba.gov/sites/default/files/2024-11/Servicing%20and%20Liquidation%20Actions%207%28a%29%20Lender%20Matrix%2010-30-2024%20d1_0.pdf" style="color: #cccccc;">Matrix to its website</a>. The new Matrix takes effect on December 1, 2024, to coincide with the effective date of the recently issued version 3.1 of SOP 50 57, 7(a) Servicing and Liquidation. The Matrix has been updated to reflect all of the changes to 7(a) Program Requirements made since the last revision dated April 25, 2019. While the material provided is similar to what was included in previous version of the Matrix, the document has a different, more streamlined, look with two columns showing the actions that lenders can take unilaterally (including when E-Tran is used to communicate the change), and the actions that require SBA’s prior approval. Other additional helpful information, including extensive footnotes, also have been updated. </p><p style="color: #212121; font-size: 11pt; font-family: 'Open Sans', sans-serif;">NAGGL will offer a briefing on the changes in both the SOP and the Matrix on <a href="https://www.naggl.org/events/EventDetails.aspx?id=1903001&group=">Thursday, November 14 at 1 PM ET.</a> Click her to register for that extended 2-hour WEBExpress session. </p>]]></description><category>7(a) Updates</category><pubDate>Tue, 12 Nov 2024 19:34:00 GMT</pubDate></item><item><title>2024 NAGGL Award Recipients </title><link>https://www.naggl.org/news/687213/</link><guid>https://www.naggl.org/news/687213/</guid><description><![CDATA[<p>The National Association of Government Guaranteed Lenders (NAGGL) proudly unveiled the recipients of the 7(a) Industry Awards during a spectacular 40th Anniversary Gala at the Annual Conference in Las Vegas. These distinguished awards honor exceptional leadership, innovation, and dedication to the SBA 7(a) lending program.</p><p> </p><h3>2024 NAGGL 7(a) Industry Award Winners:</h3><p><br /><strong>Executive of the Year:</strong><br />Sherrill Stockton, Live Oak Bank</p><p><br /><strong>Origination Excellence Award:</strong><br />Jared DeVroom, Mountain America Credit Union<br /><br /><strong><br />Servicing Excellence Award:</strong><br />Travis Frazier, First Business Bank<br /> <br /><br /><strong>Emerging Leader of the Year:</strong><br />Jennifer Chiavetta, Live Oak Bank<br /><br /><br /><strong>Industry Solutions Award:</strong><br />Derek Ezovski, Outsourced Risk Management Solutions (ORMS)</p><p><br />“This year’s winners embody the spirit of the SBA 7(a) lending program, going above and beyond to empower small businesses and strengthen communities across the country,” said Tony Wilkinson, CEO of NAGGL. “We are honored to celebrate their remarkable achievements during this milestone event.”</p><p> </p><p>In addition to the new 7(a) Industry Awards, NAGGL also honored the following individuals with their legacy awards:</p><h3>Legacy Awards:</h3><p><strong>2024 Instructor of the Year -</strong> <em>Awarded to a NAGGL instructor whose made significant contributions to the Education Program over the last year.</em></p><p>Tom Hofstetter, Schenck, Price, Smith & King<br /></p><p><strong> </strong></p><p><strong>2024 Advocacy Excellence Award - </strong><em>Awarded to an individual who made significant contributions to NAGGL's advocacy efforts over the last year.</em></p><p>Ethan Smith, Starfield & Smith</p><p><strong> </strong></p><p><strong>2024 Distinguished Service Award <em>- </em></strong><em>Awarded to an individual who has made outstanding contributions to the Association over the last year. </em></p><p>Jeff Nager, The Bancorp</p><p> </p><p><strong>2024 Lifetime Achievement Award - </strong>Awarded to an individual who has dedicated their career to the 7(a) industry and the achievements of the Association. </p><p>Steve Stultz, Founding Member of NAGGL<br />Gary Youmans, Founding Member of NAGGL</p><p><strong></strong><br /></p>]]></description><category>Membership News & Updates</category><pubDate>Thu, 7 Nov 2024 16:44:00 GMT</pubDate></item><item><title>2024 Industry Awards Finalists Announced</title><link>https://www.naggl.org/news/685307/</link><guid>https://www.naggl.org/news/685307/</guid><description><![CDATA[<p>The National Association of Government Guaranteed Lenders (NAGGL) is thrilled to announce the finalists for the 2024 7(a) Industry Awards! These exceptional individuals have showcased outstanding leadership, innovation, and dedication to the SBA 7(a) lending program, supporting small businesses across the nation.</p><p>Congratulations to the finalists in the following categories:</p><p><strong><br />Executive of the Year <strong>Finalists</strong></strong></p><ul><li>Beth Hallock, United Community Bank</li><li>Sherrill Stockton, Live Oak Bank</li></ul><p><br /><strong>Origination Excellence Award Finalists</strong></p><ul><li>Jared DeVroom, Mountain America Credit Union</li><li>Luke Mancini, Pursuit</li></ul><p><strong> </strong></p><p><strong>Servicing Excellence Award <strong>Finalists</strong></strong></p><ul><li>Kent DeHart, First Utah Bank</li><li>Shaynne Dodd, Sunflower Bank</li><li>Travis Frazier, First Business Bank</li></ul><p><strong> </strong></p><p><strong>Emerging Leader of the Year <strong>Finalists</strong></strong><br /></p><ul><li>Jennifer Chiavetta, Live Oak Bank</li><li>Justin Gavin, NetwekOne</li></ul><p><br /><b>Industry Solutions Awards <strong>Finalists</strong></b></p><ul><li><b> </b>Karen Bean, StoneX Financial </li><li>Derek Ezovski, Outsourced Risk Management Solutions (ORMS)</li></ul><p><br />“The NAGGL 7(a) Industry Awards recognize the passion and hard work of those who have contributed to the growth and success of SBA 7(a) lending within their organizations and throughout the industry. We look forward to celebrating these finalists in Las Vegas,” said Karen Ladany, COO of NAGGL. <br /></p><p>The award winners will be revealed during a special 40th Anniversary Gala at the NAGGL Annual Conference in Las Vegas on November 6th, 2024. This momentous event will honor four decades of achievements and impact of the Association. </p>]]></description><category>Membership News & Updates</category><pubDate>Fri, 25 Oct 2024 16:24:00 GMT</pubDate></item><item><title>SOP 50 57 3.1 to Take Effect December 1, 2024</title><link>https://www.naggl.org/news/685213/</link><guid>https://www.naggl.org/news/685213/</guid><description><![CDATA[<p>On October 23, SBA posted to its website revised<strong><a href="https://www.sba.gov/sites/default/files/2024-10/SOP%2050%2057%203.1%20-%20FINAL%2012-1-2024.pdf"> SOP 50 57 3.1, <i>7(a) Loan Servicing and Liquidation</i></a></strong>, with the requirements in the new SOP scheduled to take effect on December 1. Issuance of the SOP was announced by SBA Information <strong><a href="https://www.sba.gov/sites/default/files/2024-10/Info%20Notice%205000-856113%20Issuance%20of%20SOP%2050%2057%203.1%20FINAL-508.pdf">Notice 5000-856113, <i>Issuance of SOP 50 57 3.1</i></a></strong>, which bears an effective date of September 17, 2024, but was posted to the SBA website on October 18, 2024. The notice describes the most significant changes in the SOP revision. </p><p>On October 30, NAGGL will present an <a href="https://www.naggl.org/events/EventDetails.aspx?id=1901615&group="><strong>extended 2-hour <i>WEB</i>Express</strong></a> to walk through the changes in the newest version of SOP 50 57. And hear more about the SOP revision directly from SBA during the NAGGL Annual Conference, November 4-6, 2024. While in-person registration is sold out, registration for v<strong><a href="https://www.naggl.org/page/24Annual_Conference">irtual participation still is available</a></strong>.</p>]]></description><category>7(a) Updates</category><pubDate>Thu, 24 Oct 2024 16:02:00 GMT</pubDate></item><item><title>Did you Know? Year End Analysis on Loan Size</title><link>https://www.naggl.org/news/684380/</link><guid>https://www.naggl.org/news/684380/</guid><description><![CDATA[<div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p><img alt="" width="143" id="_x0000_i1025" src="https://files.constantcontact.com/d7cb24da001/e4285209-a633-49b0-a1af-56b53a4800c9.png?rdr=true" class="image_content" style="height: auto;" /></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 0in; text-align: left;"> <p style="text-align: center;"><a href="https://url.emailprotection.link/?bIWibWJ9sIL_c1_PWqHw6Xdi2fD6iTY1jX9aLodEyQLmB7yK9sVbZilL2nYJUqydGCtbLAPv0JOvsLCHV5pcBz5y_CCuZYotvjxs26JPcwRFSimhw4PvjZNgHmn_m4FNeITjrCc5lCDBazE-MhjJ4lezGq6f_0XvPdTa9S2Uaw699W7W0pTwpSKfOkwfYMzDfOd3yhNTAzyVKDtkNLt6wCqDvArEHAiJ5cR2V0IhEUUBZhPSUqzrkSuWsiZasncduxXgkYCRH_YTcoTMsf9PSPiWi89Lg4Qd2sBktAnJLsqG5yBy8xqj_FV6sfJeMz7e210t0ZYFULpwxHwWUsSmIgtqU34XHS7tuZbv2y0SkB1PnPcDg7Px9qMQw6d_amvEP" data-trackable="true"><span style="color: blue;"><img width="565" id="_x0000_i1026" src="https://www.naggl.org/resource/resmgr/branding_images/Capitol_Sound_Bites-03.png" alt="Capitol_Sound_Bites-03 image" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></span></a></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p><span style="color: #525252; font-size: 8.5pt; font-family: 'Times New Roman', serif;">Friday, October 11, 2024<br /></span><span style="color: #525252; font-family: 'Times New Roman', serif; font-size: 8.5pt;">By Kristen Granchelli - SVP, Government Affairs and Public Policy</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <h1 style="text-align: justify;"><i><span style="color: #4d4d4d; font-size: 11.5pt; font-family: 'Times New Roman', serif;">We’re continuing the October breakdown of all the FYE data, and this week we’re diving into all things loan size!</span></i></h1> <p><b><span style="color: #f7921e; font-size: 10.5pt; font-family: Tahoma, sans-serif;"> </span></b><b><span style="color: #f7921e; font-size: 10.5pt; font-family: 'Times New Roman', serif;">______</span></b></p> <p> </p> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 13.5pt; font-family: 'Times New Roman', serif;">DID YOU KNOW?: END OF YEAR ANALYSIS ON LOAN SIZE</span></b></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Here's <b>the breaking news related to loan size in FY24: small dollar loans as a percentage of overall 7(a) lending volume did not increase—in fact, that percentage is actually less than previous years. Surprising? </b>We’re going to break it all down together.</span></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">First, let’s do a quick rundown by the numbers just looking at FY24 alone (and then we’ll compare to past FYs):</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="background: #d0ecf2; width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="561" id="_x0000_i1027" src="https://files.constantcontact.com/d7cb24da001/0f41d330-6d58-4439-be01-385913052226.png?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><b><i><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Editor’s Note:</span></i></b><i><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;"> The way we will breakdown the data for this discussion will be in terms of approvals, or units, rather than dollar volume. Why? The 2010 legislative changes to the 7(a) loan program that more than doubled the maximum loan size from $2 million to $5 million had an enormous impact in how cursory summaries of data get reported—and it’s not for the better. Now with $5 million loans thrown into the mix when reporting the percentage of the portfolio by dollar amount, you can very quickly get into trouble with reporting accuracy if you’re really looking to analyze program reach. When we want to examine how many dollars are being pumped into the economy and the overall economic benefit the program brings to small business America—yes, let’s focus on dollar volume. But when we want to talk about reach—how many borrowers who need small dollar loans we serve—then we need to talk about units, or numbers, of loans. Otherwise, in the case of small dollar lending analysis, we get data that is skewed by relatively few very large loans, rather than a real assessment of reach.</span></i></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Now let’s break down what these numbers tell us:</span></b></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Below is a chart that shows the lending volume in gross approvals of small dollar loans, $350,000 and below, from FY12 to FY24 [and for the purposes of consistency, we’re going to look at loans $350,000 and below so that the data available from SBA allows us to make an apples-to-apples comparison to past years prior to the shift last year that redefined small loans as loans of $500,000 and less]:</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="background: #d0ecf2; width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="561" id="_x0000_i1028" src="https://files.constantcontact.com/d7cb24da001/bcf6a863-4417-4cd8-90c1-921f8f82b6f4.jpg?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><i><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Obviously, the pandemic years and the immediate aftermath saw a nosedive on small dollar loans—not because the industry was failing, but because we were delivering PPP to those same borrowers, and the global crisis caused so many other small entrepreneurs to shrink away from seeking capital to start or grow. In addition, FY19, prior to the pandemic, also was an anomaly year with a dip in small loan approvals that stands out—however, all loan approvals dipped commensurately, as well (see overall gross volume chart below)!</span></i></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">At first glance, the cursory takeaway is that the gross number of approvals in small dollar loans increased by 25%between FY 23 and FY24. That is phenomenal—congratulations to us!</span></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">But here’s the real analytical look at this data—w<b>e can’t only point out that there has been an increase in year-over-year approvals and dollars of small dollar loans because we also saw a simultaneous and significant increase in the overall gross volume of approvals in all loan sizes. </b>As a reminder, here is a quick snapshot of gross lending volume trends in the program since FY12:<b> </b></span></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="560" id="_x0000_i1029" src="https://files.constantcontact.com/d7cb24da001/9b0e3469-7b22-4cb9-a388-1a422204daee.jpg?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Since the overall pie grew exponentially, just stating alone that small dollar loans grew is not really informative. </span></b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">When loan approvals grow, what really matters is how the categories by loan size also grew. And, in this case, those loan size stratifications grew commensurately (except for the lack of growth in the $2MM and over category). This is not that surprising.</span></p> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Small dollar lending in gross approvals (again, $350K and below) increased by 47% between FY12 to FY24—but overall gross lending in the entire portfolio grew by 105.4% in that same period.</span></b></p> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">The best question really is: “How much of the overall 7(a) lending volume is focused on small dollar loans?” </span></b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">In other words, are we doing more or less in small dollar loans as an overall percentage of all the loans we deliver? <i>That’s </i>really the measure of change.</span></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Below is <b>a chart that shows small dollar loans as a percentage of overall loan approvals from FY12 to FY24</b> (again - observe those pandemic years for the anomaly period that it is).</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="560" id="_x0000_i1030" src="https://files.constantcontact.com/d7cb24da001/f007c11a-6f22-4081-ae5b-5a1957c2e6ee.jpg?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">In FY24, we saw that 70.8% of all 7(a) loans delivered were $350,000 or less. That’s the same proportion of the same size loans that the industry delivered in FY23. And it is less than every year in the portfolio from FY12-FY19, with the range of small dollar lending being 76% to 72% of the portfolio over that time period.</span></b></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Also note here the shift in perspective that comes to how we view FY19—if looking at gross approvals alone in the first graph above, we would have put some level of interest into why we saw that dip; however, when viewing small dollar lending as a percentage of what the overall portfolio delivered, there isn’t any dip in FY19. No, this is not data magic—this is what comes of thoughtfully presenting how we need to assess impact and the importance of taking all factors into consideration, which, in this case, includes how the overall portfolio volume has ebbed or grown. In fact, FY19 saw a greater percentage of small dollar lending (granted by only 1%) than we saw in FY24!</span></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">To be clear, 70.8% of small dollar loans last FY is not bad. <b>But, the point is that we haven’t seen a measurable change in the 7(a) portfolio’s focus, or reach, to small dollar loans as it relates to the entire portfolio. </b>And, looking at the last graph shown above, we really have not returned to pre-pandemic levels of small dollar lending yet. Again—that is not a failure of the portfolio, but a data trend to pay attention to in how we are approaching the ongoing focus in the industry. And big-picture, it is worth looking into the “why” here—are small businesses still not seeking the smallest dollar loans post-pandemic (and post-rate hikes), is the industry generally diversifying slightly more among all loan sizes for any number of reasons, or perhaps it is a bit of both? Or perhaps it could be due to something else entirely.</span></p> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">At the end of the day, small dollar loans continue to be—as they always have been!—the bread and butter of what 7(a) lending does. Any loan segment that represents 70% or more of total loan approvals is significant. </span></b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Compared to all other SBA loan products, it is 7(a) that delivers the greatest amount of small dollar loans—not just in gross numbers because we are the largest program by size, but in the number of small dollar loans as a percentage of what we deliver in overall gross volume.</span></p> <p><b><span style="color: #f7921e; font-size: 10.5pt; font-family: Tahoma, sans-serif;"> </span></b><b><span style="color: #f7921e; font-size: 10.5pt; font-family: 'Times New Roman', serif;">______</span></b></p> <p style="text-align: justify;"> </p> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 13.5pt; font-family: 'Times New Roman', serif;">MORE SMALL DOLLAR LOAN FACTOIDS:</span></b></p> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">And finally, because lenders love stats so much, here is your quick factoid run-down:</span></b></p> <p style="text-align: justify;"><b><i><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">*Keep in mind that all trends noted below have not changed from past years reaching back to FY12—in fact, past FY trends were slightly more favorable to small dollar loans in many of these breakdowns as compared to FY24.</span></i></b></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="560" id="_x0000_i1031" src="https://files.constantcontact.com/d7cb24da001/cf58bfca-85a9-4ada-8a00-c7f197b76e6d.jpg?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"> </p> <ul style="list-style-type: disc;"><li><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Loans $50,000 and under accounts for the largest portion of all loan approvals in the portfolio at 28.7% of all approvals;</span></li><li><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">More than half of all 7(a) loans made in FY24 are $150k or less, accounting for 54.1% of the portfolio;</span></li><li><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">70.8% of all 7(a) loans in FY24 were $350k or less;</span></li><li><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">According to SBA’s definition of small dollar at $500,000 or less, 80% of all loans are small in FY24—that’s more than 3 out of every 4 loans; </span></li><li><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Only 4.7% of all 7(a) loans in FY24 were $2 million or greater; </span></li><li><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">The FY24 average 7(a) loan size was $443,097, which is not the lowest we have seen in recent years (FY17 average loan size was $407,616).</span></li></ul> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Here’s to <b><i>another</i></b> year of continuing to meet the needs of small businesses needing small dollar loans!</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <p style="text-align: center; line-height: 22.5pt;"><span style="font-family: Arial, sans-serif;"> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="561" id="_x0000_i1032" src="https://files.constantcontact.com/d7cb24da001/4e99c8c5-14b5-4bf8-ae2c-79a2fc688865.jpg?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: justify;"><b><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Our member Challenge for October is ...</span></b></p> <p style="text-align: justify;"><span style="color: #525252; font-size: 11.5pt; font-family: 'Times New Roman', serif;">Post your “I’m attending” the Annual Conference graphic on LinkedIn this month. Five lucky posters will be randomly chosen for a special 40th Anniversary merch box.</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><img alt="" width="87" id="_x0000_i1033" src="https://files.constantcontact.com/d7cb24da001/443d8c5e-5146-4a13-aaca-b95525522546.png?rdr=true" class="image_content" style="height: auto; border-width: 0px; border-style: solid;" /></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div> <p style="text-align: center;"><span> </span></p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><b><span style="color: #525252; font-size: 9pt; font-family: Calibri, sans-serif;">JOIN THE CONVERSATION</span></b></p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr style="height: 0.75pt;"> <td valign="top" style="height: 0.75pt; width: 100%; padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><a href="https://url.emailprotection.link/?bp1zTVbZW_eAFQ6g5C69G8GKL79G8SbLRnXDKLjLHhvrf9AooNg0zhoNOm-bBu1yiDst1YbLZc9zMNj8-duwOLD84yk_bmW8cIpQU059dpQtT7nZWxhHOqkfOIwlKGCpVF116Y1iWU2biw587Qlo-VqLiorOUW8OnNLdqBKqhsyVNVqAPHGPHikKeQpD6fzdPhNK_7ufXyeSLj0n6aD1WTewKHGDsa5tPBOnMbToFx5itBzPpiODN7qO7NqF7ytQbEZWbsUZMCBe3uyDEr9a9eZORK0RKmHMxkiSZBYMWnIXq0b4VxcR5fiy0R73xpW8mX93HBG4LwJJbOmBlEJTIlY39jfJEUfGWzygjB1fcHk_h9jwyVy_E3L8KveY-CaMxA_FccS7uEsz6LUa3GlFJioSGKefRQgoy9N5iu8tNNuw~" data-trackable="true"><span style="color: blue;"><img width="32" id="_x0000_i1034" src="https://imgssl.constantcontact.com/letters/images/CPE/SocialIcons/circles/circleColor_LinkedIn_v4.png" alt="Linkedin" class="socialFollow_icon" style="padding: 0in; border-width: 0px; border-style: solid;" /></span></a><a href="https://url.emailprotection.link/?bu58LhltkMxExBbEs9F1XMN_zfeCHHGpO04HW6orSq1eGaqO28BhbEqUN8bIbM7RTM9Da5VnZH5WFGcZWzhEVVbGuYwp7sGOqzebTs74szlHDQ3YfxFF4rcUKaMoLMtFjEsb4XYtz9Pldwugp2tFBol-Zj4EDw3JUPMsyxEiGZUhAX_PlbyiT1fy9KvGHoEDKinMESPqVixj0sljoOy3AO5H4Ui5rTAey7q8F1tSCGLz-bedWX-F_nStwNaAPRdBrIgxZB69o3_ulyIVQkIqFY-3PFhduVb6RsNCkRQ3q9e6TgKRhijRkjsoz5AB9rZRsCQy1VeiRy1YJXrB_QOHK4S11EvqbIAE6kk2JxIflzAVrRtnOEmurky0Ay19ECeNJq_yIbU8rekGMzpcy8DkUhykB4AG5b639jKX0XrUvegY~" data-trackable="true"><span style="color: blue;"><img width="32" id="_x0000_i1035" src="https://imgssl.constantcontact.com/letters/images/CPE/SocialIcons/circles/circleColor_X_v1.png" alt="X" class="socialFollow_icon" style="padding: 0in; border-width: 0px; border-style: solid;" /></span></a><a href="https://url.emailprotection.link/?b8W4PWlgQnGUwqgj3_yKfFMNUrMqU0JA1pJ80-JuAFVzG9EDIgN6gIbcFxCU0ADJnG3VtDtht9b1NsdLYarloc8Zuz2ZVIAdXFzZ60LdYgDOpCjJj3-I4kZF1K1RfpxmxQNP9lM6KVbRfr-EHigs4RVFuGYGgLyD2mPAAc2bp91CKw5zzyhFVsgxZOy1Mubrx9jKUlJk0YpjIzkSlNybxlWH5ZHmSnDjJJw68tCjm7g7F8pV0N8RY7d-0N9ytqDllxRv2mLFUw17pb1QTD9Z0iN8SOC7aDgb4izsN-hJibrfVj6kEwSlnDvAswXKWeHXKWb6Gqsl9yXvuGmRtez08P3wdZhiZR5maHtvxYfGuYXgj0FMQ4d-pxqmCK9gkMC2KgzVsky9wVlF6esTiZz8Cz92fsDh2xAMrCYmRnvl8zH4~" data-trackable="true"><span style="color: blue;"><img width="32" id="_x0000_i1036" src="https://imgssl.constantcontact.com/letters/images/CPE/SocialIcons/circles/circleColor_Facebook_v4.png" alt="Facebook" class="socialFollow_icon" style="padding: 0in; border-width: 0px; border-style: solid;" /></span></a> </p> </td> </tr> </tbody></table> </div> <p style="text-align: center;"> </p> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p style="text-align: center;"><i><span style="color: #4c4c4c; font-size: 9pt; font-family: Calibri, sans-serif;">Capitol Sound Bites</span></i><span style="color: #4c4c4c; font-size: 9pt; font-family: Calibri, sans-serif;"> is emailed by the National Association of Government Guaranteed Lenders to its members. Nothing may be reprinted or rebroadcast in whole or part without written permission from NAGGL. </span></p> <p style="text-align: center;"><span style="color: #4c4c4c; font-size: 9pt; font-family: Calibri, sans-serif;">All rights reserved. © 2024 NAGGL, Inc.</span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div>]]></description><category>Capitol Sound Bites</category><pubDate>Fri, 11 Oct 2024 21:23:00 GMT</pubDate></item><item><title>Interest Rate - SBA 7(a) Optional Peg Rate for October-December 2024</title><link>https://www.naggl.org/news/683298/</link><guid>https://www.naggl.org/news/683298/</guid><description><![CDATA[<p><span style="font-size: 14px;"><span style="color: black; font-size: 14px;">On Friday, September 27, 2024, SBA published a Notice in the Federal Register [<strong><a href="https://www.federalregister.gov/documents/2024/09/27/2024-22164/interest-rates">89 FR 79327</a></strong>] announcing that the Agency’s </span><i>Optional Peg Rate</i> for the first quarter of FY 2025 (October 1 – December 31, 2024), will be <u><strong>4.38 percent</strong></u>. The Optional Peg Rate (13 CFR 120.214) is a weighted average cost of money to the government for maturities similar to the average SBA direct loan and may be used as a base rate for guaranteed fluctuating interest rate SBA loans.</span></p> <p><span style="font-size: 14px;">The Notice also provides information regarding the maximum legal interest rate for the Third Party Lender’s commercial loan which funds any portion of the cost of a 504 project (13 CFR 120.801). That rate will be 6% over the New York Prime rate or, if that exceeds the maximum interest rate permitted by the constitution or laws of a given State, the maximum interest rate will be the rate permitted by the constitution or laws of the given State. </span><span style="font-family: 'Open Sans';"></span></p>]]></description><category>7(a) Updates</category><pubDate>Mon, 30 Sep 2024 16:24:00 GMT</pubDate></item><item><title>SBA 7(a) Connect Quarterly Update – Tuesday, October 8 at 3 PM ET</title><link>https://www.naggl.org/news/683294/</link><guid>https://www.naggl.org/news/683294/</guid><description><![CDATA[<p><strong><span style="color: black; font-size: 11pt; font-weight: normal;">The fourth quarter 7(a) Connect Quarterly Update will occur on Tuesday, October 8, at 3:00 PM ET. Log in here: <a href="https://url.emailprotection.link/?bqREoTFlhBERRNE4FiXzE1eJ4FCq6jbzZ0OJ4_bEFm-3NE8t2vjOmoxCJdYKjQpAcVqTDvg27nKVEoYTYMSSbgvE1l564GnGoan0kpztaOiq3WHMYuMOvKXuLpuJdSnO5sXo5ukdb9qQhpWcq0DUKGIcixElmOynF4oTpK8wOmcZlPbuQlLNemDszjUfg6Op-_EiIxnu3ixCFdkQqbot0PltocCvp0FBEmQxkQKDogLeF6tRUSYEwXf4Z3x1x6ypwltispCayj8qA5WY0anysu2_Xj488n9eoCeCINCSYKLDPLe-2E-YDHoEw2WPx53k0bpoUyjKy3M_kHSxjAbGeOaP0jUd68dP0ZoyFOw5HkGUSfK0xF9my-Cyvzze_9lIZ">Oct 8 login link</a>.</span></strong></p><p><strong><span style="color: black; background: white; font-size: 11pt; font-weight: normal;">The draft agenda provided by SBA includes: </span></strong></p><ul><li><strong><span style="color: black; background: white; font-size: 11pt; font-weight: normal;"></span></strong><span style="color: black; font-size: 11pt;">LGPC - Non-delegated turn times and frequent issues and questions</span></li><li><span style="color: black; font-size: 11pt;">OFA - Policy discussion and questions</span></li><li><span style="color: black; font-size: 11pt;">OPSM - E-Tran updates</span></li></ul><p style="color: #002e6d; background-color: #ffffff;"><span style="color: black; font-size: 11pt;"><br /> </span><span style="color: black; font-size: 11pt;">SBA also provided the dates and links for the 2025 7(a) Connect Quarterly Updates: </span></p><p><strong><span style="color: black; font-size: 11pt; font-weight: normal;"><a href="https://url.emailprotection.link/?bqREoTFlhBERRNE4FiXzE1dakrMMMamRBqCwzJFznMV-xmApZONyL2FBDFZ9V6UXCIHMEDWeqNRfZD0zGGnrtgzjgsgkzvPlRWVzJyMEOaO2X0vofkSSy89WaP8OGburVyB444hOYrX_1kEEiNLR-OlJHXh0PfcSqNkFjO_3cQeHoDcI7CAxkBr_l0At0FGiRm-2_Bti3djOUg-LhGrAJ7EHZAeMm6T_jBOEul2WrtqEDAm-6Kn6RJ9mymBS7hWQKo6eM_5gE7CfwyfHrZrgMmgM01abItKiNLkbGYVudYBJU9q7JIH_9zBZqRYlQazgwMAuLIIe5Dq8lrHuzFIDyUiT080M1KxPRHow6iDctxECzGsd54y10n4JuxNNUc0WA"><span style="color: #467886;">Jan 28, 2025</span></a> – 3 PM ET</span></strong><span style="color: black; font-size: 11pt;"><br /> <strong><span style="font-weight: normal;"><a href="https://url.emailprotection.link/?bg_frSy624DzCSibMAXiROK01uEKey6Nm_1kdZBejnC2m8WY9KbtUvErkoW1kwRrnXpNq5QwgKdutJatL96_KKz6a4gNWm5d6NdYtMoBsgMeAzmoaZneNlkxQZKYFB8GZPIdBugxqHzUXYSgBdN_6d77cIr5M8xk5e5SIFWxEG6bUVosWHJ0RLJRUN4-M9Tuzc9eaC86dkEXPfe0Ao3Lb8d4Cklb_le9cxvDKly4jERVEO-pcreFjMDbaz0g7eFkM_s9Hqop0VJ6I62H_HFsgC93eMMnfGDNydeTfbnJp5WRQORGEmu6OqaPn5ZUkhwmA70BOLCazFhKpv9tEG8O1UTB-7VYwGTSe78IjitrZ9rev56_rf_5e3UjrYy48xui7"><span style="color: #467886;">April 22,2025</span></a> – <strong><span style="color: black; font-size: 11pt; font-weight: normal;">3 PM ET</span></strong></span></strong><br /> <strong><span style="font-weight: normal;"><a href="https://url.emailprotection.link/?btpFRULWuCSVd_7vT-bhOlkWZ_ezEmy5qPZLgnQSYS7nsE12SmluLYtBGcNnDkynj5OH7bX2SpVdoVGE7WrlQE5-9YF1Qugfo07Xs8qktEIQWk_FWP60qFlCdRrv-KAG-RWAzPTDrFTM2Hc9WUTgWM-HlCokCiq4X61Rs0AQC5bq4HYBYDdGqf4KnqbyqLv5SElJD2y5NggalMR9pf6B08kNUrVKCxkyhqHG66e8WXj8I3k5cOuvcOdPv1t_FmuR6XcMdkvd0CljT5v6oI6GJdZdds7AuZU6cHc0jY-6QiqkXIHkpG53ezIyvJpQgK7qwCpaXsHsKE850YUqHancI3Wkh_O2T_Usl1BcXvz6nyQUAUkbWGyBEvtGuEtK4ha8n"><span style="color: #467886;">July 15, 2025</span></a> – <strong><span style="color: black; font-size: 11pt; font-weight: normal;">3 PM ET</span></strong></span></strong><br /> <strong><span style="font-weight: normal;"><a href="https://url.emailprotection.link/?bg_frSy624DzCSibMAXiROOE9lOC3sVbzdtV3L6qSm4DppTWKEkAte6NTlR67homdnIN3U_5RBRbmfgxnvj4-Wox5iceUDuikuumYwu94tbvbiWsTsP0dL_E-0DrMDDx3SSawztsQfRnG4A15FuqO-SOGZYS73p1LnleFhN_0WFDIArg5hKKQS0AbH8GWU217Lc0mL7nhAiV2sQCuU7d-H3R0wScVc19eaCz3OG6nyelP4c-_Yki0hu97cKQ35x1a1UFpfrWY8BjQTs0H12EdFBUHDX1Z2gR_taiRTrR8BiWKPLU7uVqF4EbzA4MVKb4p4asMKyrK84E1WYmROblGq2sdxtVStu04ydJ6uTX0FIDoYrCVvfb1WBcJThQuA1Ea"><span style="color: #467886;">Oct 21, 2025</span></a> – <strong><span style="color: black; font-size: 11pt; font-weight: normal;">3 PM ET</span></strong></span></strong></span><span style="font-size: 14px;"></span></p><p><strong></strong></p>]]></description><category>7(a) Updates</category><pubDate>Mon, 30 Sep 2024 16:16:00 GMT</pubDate></item><item><title>Update on FY25 Funding</title><link>https://www.naggl.org/news/683053/</link><guid>https://www.naggl.org/news/683053/</guid><description><![CDATA[<p style="margin: 0px; padding: 0px; text-align: justify;"><span style="text-align: left;">Yesterday, </span><span style="text-align: left; font-weight: bold;">both the House and Senate overwhelmingly passed the Continuing Resolution (CR) [H.R. 9747] that would temporarily extend funding and authorization while negotiations continue on a FY25 full-year funding measure</span><span style="text-align: left;">. The bill now heads to President Biden, who plans to sign it ahead of the midnight October 1 shutdown deadline. </span><br /></p><p style="margin: 0px; padding: 0px;"> </p><p style="margin: 0px; padding: 0px;">The CR <span style="font-weight: bold;">will fund the government at current FY24 levels through December 20</span>, setting up the next round of negotiations on a full-year deal for just before the holidays.</p><p style="margin: 0px; padding: 0px;"> </p><p style="margin: 0px; padding: 0px;">Both the <span style="font-weight: bold;">7(a) Loan Program and the Secondary Market Guarantee Program (SMGP) will be fully operational during the CR, with authorization levels of $35 billion and $15 billion respectively, prorated to the number of days the CR is in effect</span>. </p><p style="margin: 0px; padding: 0px;"> </p><p style="margin: 0px; padding: 0px;">Unfortunately, <span style="font-weight: bold;">neither the 7(a) Loan Program or the SMGP received anomaly language in the CR that would have prevented the programs from being limited to daily caps in the programs’ respective authorization availability</span>. Without anomaly language, while the CR is in effect, programs must operate within daily caps of either funding or authorization, which are derived from the daily prorated amount of total funding or authorization while the CR is in effect. </p><p style="margin: 0px; padding: 0px;"> </p><p style="margin: 0px; padding: 0px;">Given that the anomaly language was not included, <span style="font-weight: bold;">NAGGL will be monitoring daily lending volume and monthly pooled sales as carefully </span>as possible during the CR so that we can notify lenders and broker-dealers if there are any concerns in either of the programs<span style="font-weight: bold;"> </span>that<span style="font-weight: bold;"> could cause a short-term pause in lending or pooled sales due to the potential of hitting a daily cap in authorization</span>. If such a pause were to occur due to high loan volume or high volume of pooled sales on a given day, <span style="font-weight: bold;">authority would resume the following day; however, we understand that this could cause disruptions and uncertainty for both lenders and borrowers</span>.</p><p style="margin: 0px; padding: 0px;"> </p><p style="margin: 0px; padding: 0px;"><span style="font-weight: bold;">NAGGL was disappointed to see that this important anomaly language was not included in this CR given that it provides critical stability for the loan programs. We have, and will continue to, advocate for the inclusion of this important measure in future CRs.</span></p><p style="margin: 0px; padding: 0px;"> </p>]]></description><category>7(a) Updates</category><pubDate>Thu, 26 Sep 2024 15:56:00 GMT</pubDate></item><item><title>New Member Highlight - The Brownmiller Group</title><link>https://www.naggl.org/news/682829/</link><guid>https://www.naggl.org/news/682829/</guid><description><![CDATA[<strong><img alt="" src="https://www.naggl.org/resource/resmgr/other_company_logos/brownmiller.jpg" style="width: 250px; height: 88px; float: left; margin-right: 10px;" />The Brownmiller Group</strong> is a small, dedicated Lender Service Provider supported by 40+ years of SBA lending experience. By joining NAGGL, we hope to keep up with changes and make connections in the industry. Working directly with both banks and borrowers, we strive to provide a comprehensive service to achieve the best outcome for all parties involved. While based in North Texas, we provide services nationwide and can be reached via email at info@brownmillerlsp.com]]></description><category>New Member Highlight</category><pubDate>Tue, 24 Sep 2024 15:48:00 GMT</pubDate></item><item><title>NAGGL Celebrates Future Leading Lenders Class of 2024 Graduates</title><link>https://www.naggl.org/news/680864/</link><guid>https://www.naggl.org/news/680864/</guid><description><![CDATA[<p><img alt="" src="https://www.naggl.org/resource/resmgr/future_leading_lenders/P1081644.JPG" style="width: 600px; height: 400px;" /></p><p><span style="font-size: 10px;"><em>(Pictured Above, left to right - Williams, Bennet, Lovenguth, Nichols, Harder, Branch, Rojas, Hallam)</em></span></p><p>NAGGL is excited to announce the graduation of 10 outstanding individuals from our Future Leading Lenders program, an initiative designed to nurture the next generation of leaders in the SBA 7(a) lending community. The graduates were honored at our Leadership Summit in Boston, MA last month, where we celebrated their dedication and contributions to the industry.</p><p>This year’s class, consisting of ten exceptional individuals, has navigated the current industry with resilience and adaptability. Throughout the year-long program, they have participated in mentoring, educational, and experiential opportunities, while forging invaluable connections. In total, each of these individuals dedicated over 100 hours to their learning and development, gaining a comprehensive understanding of SBA 7(a) lending, leadership skills, and strategic insights essential for driving innovation and growth.</p><p>We are proud to introduce the Class of 2024 graduates:</p><ol start="1" style="margin-top: 0in;"> <li>Joylynn Bennett, America First Federal Credit Union</li> <li>Renae Branch, Pacific Premier Bank</li> <li>Jordan Hallam, South State Bank</li> <li>Molly Harder, First Horizon</li> <li>Brand Lesoing, First State Bank Nebraska</li> <li>Carly Lovenguth, Busey Bank</li> <li>Bee Moua, Sunrise Bank</li> <li>Mary Nichols, M&T Bank</li> <li>Victor Rojas, G Bank</li> <li>Dakota Williams, First United Bank</li></ol><p>"We are incredibly proud of this year's graduating class," said Karen Ladany, Chief Operating Officer of NAGGL. "Their commitment to excellence, resilience, and passion for advancing the SBA 7(a) lending community is truly inspiring. We are confident that the skills and connections they have developed through this program will enable them to make a profound impact in their organizations and the broader industry."</p><p>Future Leading Lenders were asked to submit an industry article that reflects their research and expertise of the industry. To celebrate their achievements and share their insights with the broader community, we are pleased to release a compilation of their industry articles in our third edition of the 7(a) Industry Review. This collection showcases the innovative ideas and thought leadership of our graduates, providing valuable perspectives on the current and future state of SBA 7(a) lending.</p><p><b><a href="https://cdn.ymaws.com/www.naggl.org/resource/resmgr/future_leading_lenders/7aindustryreview_2024_publis.pdf">Read NAGGL’s 7(a) Industry Review, Edition III</a></b></p><p>For more information about the Future Leading Lenders program or to learn how you can get involved, visit <a href="https://www.naggl.org/page/FutureLeadingLenders">naggl.org/fll</a></p><p> </p>]]></description><category>Membership News & Updates</category><pubDate>Thu, 29 Aug 2024 00:51:00 GMT</pubDate></item><item><title>IFR Extending PPP Lender Records Retention Requirements </title><link>https://www.naggl.org/news/680631/</link><guid>https://www.naggl.org/news/680631/</guid><description><![CDATA[<p class="citation-hover-present">On August 23, SBA published an Interim Final Rule (IFR), <i>Business Loan Program Temporary Changes; Paycheck Protection Program-Extension of Lender </i>(<strong><a href="https://www.federalregister.gov/documents/2024/08/23/2024-18083/business-loan-program-temporary-changes-paycheck-protection-program-extension-of-lender-records">89 FR 68090</a></strong>) that extends, to 10 years, the period during which <b>ALL lenders</b> that participated in the Paycheck Protection Program (PPP) are required to retain PPP records. The provisions of the IFR took effect on August 22.</p> <p class="citation-hover-present">The IFR harmonizes the PPP lender records retention requirements with the <i>PPP and Bank Fraud Enforcement Harmonization Act of 2022</i> which was signed into law on August 5, 2022 (Pub. L. 117-166). That law extended the statute of limitations for criminal charges and civil enforcement actions for alleged PPP borrower fraud to 10 years after the offense was committed. The IFR also makes SBA’s records retention requirements consistent for ALL SBA lenders, regardless of how they are regulated or supervised. </p> <p class="citation-hover-present">Per the IFR, the 10-year records retention requirement applies to all documents relating to PPP applications and loans, including: “PPP loan applications that were withdrawn, approved, denied or cancelled, and all other PPP lender loan records for PPP loans with an outstanding balance, PPP loans that have been forgiven, and PPP loans that are in repayment or have been paid in full by the borrower as of the effective date of this rule”. </p> <span style="font-size: 11pt; font-family: Calibri, sans-serif;">Please see the IFR for complete information and a PPP chronology. Comments on the IFR must be received on or before September 23, 2024. </span>]]></description><category>Paycheck Protection Program Updates</category><pubDate>Mon, 26 Aug 2024 18:29:00 GMT</pubDate></item><item><title>NAGGL's First Ever 7(a) Industry Awards</title><link>https://www.naggl.org/news/679497/</link><guid>https://www.naggl.org/news/679497/</guid><description><![CDATA[<p><img alt="" src="https://www.naggl.org/resource/resmgr/40th_anniversary/naggl7aindustryawards_header.png" style="width: 600px; height: 250px;" /></p><p> </p><div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p><b><span style="color: black; font-size: 19.5pt; font-family: Calibri, sans-serif;">Give Them the Recognition They Deserve</span></b></p> <p><b><span style="color: #f7921e; font-size: 16.5pt; font-family: Calibri, sans-serif;">____</span></b></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div><p style="text-align: center;"><span> </span></p><div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="width: 100%; padding: 0in; text-align: left;"> <div style="text-align: center;"> <table border="0" cellspacing="0" cellpadding="0" width="100%" style="width: 100%;"> <tbody><tr> <td valign="top" style="padding: 7.5pt 15pt; text-align: left;"> <p><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">We're thrilled to announce the inaugural <b>NAGGL 7(a) Industry Awards</b>, celebrating excellence and leadership within the SBA lending community. This is your opportunity to recognize outstanding individuals who have made significant contributions to the 7(a) industry. Whether you want to nominate yourself or someone you admire, we invite you to participate.</span></p> <p><b><span style="color: black; font-size: 13.5pt; font-family: Calibri, sans-serif;">Award Categories</span></b></p> <ul style="list-style-type: disc;"><li><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Executive of the Year</span></li><li><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Origination Excellence Award</span></li><li><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Servicing Excellence Award</span></li><li><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Emerging Leader of the Year</span></li><li><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Industry Solutions Award</span></li></ul> <p><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Nominees should embody NAGGL’s core values of <b>Trust, Community, Accuracy,</b> and <b>Reliability</b>.</span></p> <p><span style="color: black; font-size: 13pt; font-family: Calibri, sans-serif;">Visit our <a href="https://url.emailprotection.link/?baVmM5kwBR067jx_8lZP0rYpXKOiEUG7R9DXolgzDnIofdlA-YzSoZSKOGkPWy0vQhcX2u4cl5Gzzn_Mbs5dyJF5KluzjvkDPsIKC4fX2rEssgQvGwBDazQ4_mW_odOwokrprOK_yY0FNpvxCV9GBwAO0gTLjqRUh31rEOblQDjZrwbciR-1cPUTuAAgprHNGf7oR7EZY7Y8TzNFYtJJsUruTmGOm6PzscgrsVbXju-gzr_RZT23Fm00FH2syxgkcGcVkO-64W0vIfbE6jg8mlirLIxkMXBnmqowVL28ErfMKqnKaK50Tv1y_rDcM2VEn5iTjmr7ADZep-kwHQMyHoRIUJkZ9_BfCFcrhPybccUOC9A0Q69a9y9clVoP70k8gWYn2FIEdZTAaKVv1kvOUrk42B8-Yx7riDNlRanLz3YMRHTyUmbyqt7Nfscj8SXI1lFkidRx2Mypx-kFVa8Re1Q~~" target="_blank"><b><span style="color: #1794ba;">Industry Awards application page</span></b></a> for details and start the nomination process today.</span></p> <p style="text-align: center;"><span style="color: black; font-size: 19pt; font-family: Calibri, sans-serif;">Nominations close <b>Monday, August 26</b></span></p> </td> </tr> </tbody></table> </div> </td> </tr> </tbody></table> </div>]]></description><category>Membership News & Updates</category><pubDate>Fri, 9 Aug 2024 14:01:00 GMT</pubDate></item><item><title>SBA Announces New Round of Applications for Regular and CA SBLC Licenses</title><link>https://www.naggl.org/news/679388/</link><guid>https://www.naggl.org/news/679388/</guid><description><![CDATA[<p><span style="color: #000000;">A Federal Register (FR) Notification posted on the FR inspection desk on August 8, <b><i><a href="https://www.federalregister.gov/public-inspection/2024-17644/small-business-lending-company-application-process">Small Business Lending Company Application Process</a></i></b> [RIN 3245-AH92], announces that, via separate processes, beginning September 2, 2024, SBA’s Office of Capital Access will accept applications for licenses for both regular and Community Advantage (CA) Small Business Lending Companies (SBLCs). The official Notification is expected to be published in the Federal Register on Friday, August 9, 2024.</span></p> <p><span style="color: #000000;">According to the Notification, SBA will accept applications for regular SBLC licenses between September 2 and October 15, 2024, with the Notification indicating that SBA anticipates issuing up to three new licenses in late 2024 and may issue additional licenses at a future date to applicants “participating in this open period”.</span></p> <p><span style="color: #000000;">Applications for CA SBLC licenses will be accepted between September 2 and December 20, 2024, with the Notification indicating that SBA may approve an indefinite number of CA SBLC licenses and that, “[d]uring the application period, SBA will review applications on a rolling basis and approve based on each applicant’s merit and readiness to become a CA -SBLC”. Continuing current Agency policy, the Notification indicates that SBA “will limit CA SBLCs to certain geographic areas and loan amounts … [and] will also require CA SBLCs to make at least 60 percent of their loans to eligible small businesses in underserved markets”. </span></p> <p><span style="color: #000000;">According to the Notification, SBA “may award new SBLC and CA SBLC licenses for a period of 1 year after the application period ends”, subject to the Agency’s right to request updated information in connection with such applications. The Notification also states: “In the review process, SBA will <u>not</u> consider the timing of application submission as long as a substantially complete application is submitted within an open application period”.</span></p> <p><span style="color: #000000;">Among the list of factors to be used by SBA in evaluating applications for both regular and CA SBLC licenses is the applicant’s “[a]bility to address gaps in small business lending, especially those not served by the existing 7(a) Lender population, including: small-dollar lending, loans to underserved populations, and loans to support small businesses’ efforts to reduce climate change and/or to help small businesses through climate change”. In this regard, the Notification states: “Applicants may present potential market gaps and address their plan and capability to address them”. This evaluation criterion reflects information provided in the SBA press release dated July 22, 2024, wherein SBA Administrator Guzman announced SBA’s new “Green Lender Initiative” and signaled the Agency’s intent to add additional “climate lenders” to SBA’s loan programs to make SBA-guaranteed loans to provide additional capital to small businesses in “support of clean energy investments”. </span></p> <p><span style="color: #000000;">Final decisions on both regular and CA SBLC license applications will be made by the Director, Office of Financial Program Operations (D/OFPO), in consultation with the Director, Office of Credit Risk Management (D/OCRM), Director, Office of Financial Assistance (D/OFA), Director, Office of Performance and System Management (D/OPSM), and the Deputy Associate Administrator of the Office of Capital Access (DAA/OCA) or designee. </span></p> <p><span style="color: #000000;">Comments relating to the Federal Registration Notification must be received with 30 days of official publication of the Notification in the Federal Register. </span></p> <p><span style="color: #000000;">Please see the Federal Register Notification for full details relating to regular and CA SBLC 7(a) lender participation requirements and the complete application submission and evaluation requirements and process. After the official Notification is published, NAGGL will update this posting to provide the FR document number. </span></p>]]></description><category>7(a) Updates</category><pubDate>Thu, 8 Aug 2024 15:03:00 GMT</pubDate></item><item><title> New Member Highlight - Lama AI</title><link>https://www.naggl.org/news/678677/</link><guid>https://www.naggl.org/news/678677/</guid><description><![CDATA[<strong><img alt="" src="https://www.naggl.org/resource/resmgr/other_company_logos/lama_ai.png" style="width: 200px; height: 51px; float: left; margin-right: 10px;" />Lama AI</strong>, the award-winning end-to-end SBA origination platform, helps banks boost efficiency by 10x while supporting significant portfolio growth. Trusted by leading community and regional banks, Lama AI features the most advanced AI capabilities, from smart document management to AI-powered credit decisioning. Lama AI is excited to join NAGGL and collaborate with its member banks to support their mission of providing small businesses with fair capital in a more profitable and user-friendly manner. Say hi at <a href="mailto:hello@lama.ai">hello@lama.ai</a> 👋]]></description><category>New Member Highlight</category><pubDate>Tue, 30 Jul 2024 15:51:00 GMT</pubDate></item><item><title>SBA Announces 7(a) Fees for FY 2025</title><link>https://www.naggl.org/news/678649/</link><guid>https://www.naggl.org/news/678649/</guid><description><![CDATA[<p>SBA announced its FY 2025 7(a) fees in Information <strong><a href="https://www.sba.gov/document/information-notice-5000-858936-7a-fees-effective-october-1-2024-fiscal-year-2025">Notice 5000-858936</a></strong>, <i>7(a) Fees Effective October 1, 2024, for Fiscal Year 2025</i>. The fees will apply to all 7(a) loans approved by SBA between October 1, 2024, and September 30, 2025. </p> <p>Per the Notice, the 7(a) fees will be –</p> <p><b>Lender’s Annual Service Fee: </b></p> <ul style="list-style-type: disc;"> <li>For loans with gross approval amounts of $500,000 or less – 0.00%. (Same as FY 2024.)</li> <li>For loans over $500,000 up to and including $1 million – 0.17% (17 basis points) of the guaranteed portion of the outstanding balance of the loan. (Up from zero for FY 2024.)</li> <li>For loans over $1 million up to the statutory program maximum of $5 million – 0.55% (55 basis points) of the guaranteed portion of the outstanding balance of the loan. (Same as FY 2024.) </li> </ul> <p> </p> <p class="Default"><b><span style="font-size: 11pt; font-family: Calibri, sans-serif;">SBA Guaranty Fee (Upfront Fee)</span></b></p> <p class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">[Excluding Export Working Capital Program (EWCP) loans, SBA Express loans made to veteran-owned businesses, and Working Capital Pilot (WCP) Program loans]:</span></p> <ul style="list-style-type: disc;"> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">If maturity exceeds 12 months: </span></li> <ul style="list-style-type: circle;"> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For loans of $1 million or less – 0.00%. (Same as FY 2024.)</span></li> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For loans over $1 million up to the statutory program maximum of $5 million – 3.5% of the guaranteed portion of the loan up to and including $1 million, plus 3.75% of the guaranteed portion of the loan over $1 million. (For loans over $1 million up to and including $2 million – fee increased from FY 2024 fee of 1.45% of the guaranteed portion of the loan up to $1 million, plus 1.70% of the guaranteed portion of the loan over $1 million; for loans over $2 million, no change from FY 2024 fee.) </span></li> </ul> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">If maturity is 12 months or less (short-term loan): </span></li> <ul style="list-style-type: circle;"> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For loans of $1 million or less – 0.00%. (Same as FY 2024.)</span></li> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For loans over $1 million – 0.25% of the guaranteed amount. (Same as FY 2024.) </span></li> </ul> </ul> <p class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">[But, continuing prior policy, when the maturity of a short-term 7(a) loan greater than $1 million is extended beyond 12 months, an additional Upfront Fee is due.] </span></p> <ul style="list-style-type: disc;"> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">Upfront Fee for SBA Express Loans Made to Veteran-owned Small Businesses: </span></li> <ul style="list-style-type: circle;"> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For all SBA Express loans made to businesses owned and controlled by a veteran</span><span style="color: blue; font-size: 11pt; font-family: Calibri, sans-serif;"> </span><span style="font-size: 11pt; font-family: Calibri, sans-serif;">or spouse of a veteran – $0. [No change from FY 2024 since zero fee policy mandated by statute.] </span></li> </ul> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">Upfront Fee for EWCP Loans: </span></li> <ul style="list-style-type: circle;"> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For EWCP loans of $1 million or less (regardless of maturity) – 0.00%. (Same as FY 2024) </span></li> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For EWCP loans greater than $1 million with a maturity of 12 months or less – 0.25% of the guaranteed portion. (Same as FY 2024.)</span></li> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For EWCP loans over $1 million with a maturity of 13 up to 24 months – 0.525% of the guaranteed portion. (Same as FY 2024.)</span></li> <li class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">For EWCP loans over $1 million with a maturity of 25 up to 36 months – 0.80% of the guaranteed portion. (Same as FY 2024)</span></li> </ul> </ul> <p class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">[When an EWCP loan over $1 million is extended beyond the original maturity date, an additional Upfront Fee may be due to SBA based on the fee schedule above.]</span></p> <p class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">SBA also issued <strong><a href="https://www.sba.gov/document/information-notice-5000-859410-7a-working-capital-pilot-fees-fiscal-years-2024-2025">Information Notice</a></strong></span><span style="color: windowtext; font-size: 11pt; font-family: Calibri, sans-serif;"><strong><a href="https://www.sba.gov/document/information-notice-5000-859410-7a-working-capital-pilot-fees-fiscal-years-2024-2025"> 5000-859410</a></strong>, </span><span class="adbestyle0004"><i><span style="font-size: 11pt; font-family: Calibri, sans-serif;">7(a) Working Capital Pilot [WCP] Fees for Fiscal Years 2024 and 2025</span></i></span><span class="adbestyle0004"><span style="font-size: 11.5pt;">. </span></span><span class="adbestyle0004"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">Based on that Notice, the <b>Lender’s Annual Service Fee</b> for WCP loans approved by SBA on or after August 1, 2024, through September 30, 2024, will be the same as that charged for all other 7(a) loans. The fees on WCP loans approved by SBA on or after October 1, 2024, through September 30, 2025, also will mirror the fees charged on all other 7(a) loans. For both FYs 2024 and 2025, the <b>Upfront Fee</b> for WCP loans of $1 million or less will be 0.00%, and for loans over $1 million the fee will be based on the loan maturity and will range from 0.25% to 1.35% of the guaranteed portion of the loan.</span></span></p> <p class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">FY 2025 fees for 504 program loans are provided in <strong><a href="https://www.sba.gov/document/information-notice-5000-859701-504-fees-effective-during-fiscal-year-2025">Information Notice 5000-859701</a></strong>, </span><i><span style="color: windowtext; font-size: 11pt; font-family: Calibri, sans-serif;">504 Fees Effective During Fiscal Year 2025</span></i><span style="color: windowtext; font-size: 11pt; font-family: Calibri, sans-serif;">.</span></p> <p class="Default"><span style="font-size: 11pt; font-family: Calibri, sans-serif;">Please see the referenced notices for additional details regarding the FY 2025 fees. </span></p>]]></description><category>7(a) Updates</category><pubDate>Tue, 30 Jul 2024 14:51:00 GMT</pubDate></item><item><title>SBA ETRAN Training Today, July 30, 3 PM ET</title><link>https://www.naggl.org/news/678648/</link><guid>https://www.naggl.org/news/678648/</guid><description><![CDATA[<p><span style="color: #242424; font-size: 14px;">SBA’s Office of Performance and Systems Management (OPSM) will provide training on upcoming ETRAN enhancements associated with important system updates. Please click <strong><u><a href="https://url.emailprotection.link/?bMd50X0pWAR0mF0F-D_31kSjJYYIVykmPhYTkWlwwSXrG7bGepxgF-GE8V6HeXgnSkEF49f-ICIo8ZFOnNQS_d4VcDFpDH974g0zR71LRBFqrLH_7bo55qpN1gyixNqNnT3BlxoLpUjgG9VYXmxwHsAML09DYFUO33R96QxAS6g0QJr_Az75f39mhPe5ksMqmRDX8UdsfPsJxMQ0dOP8bsak_i-V2dfhz-IMJKrTGRnFuBgtcl2blXNiZaJ8cJuYJdcnfbJFqOrkwIwu8EmDsWH1bgRow5c3xtTxnazRSn2AgDsCiIjjI5E24GAd_wrluT8Knst5ZmaDmVnPdAWnppYBgxjQGVjsjgRkPoxSEoKoG9gKUQK8Jx3cxvMUUYYh6"><span style="color: #467886;">HERE</span></a></u></strong> to join the SBA event. Pre-registration is not required. </span><span style="font-family: 'Open Sans'; font-size: 14px;"></span></p><p style="margin:0in;"> </p>]]></description><category>News from SBA</category><pubDate>Tue, 30 Jul 2024 14:50:00 GMT</pubDate></item></channel></rss> If you would like to create a banner that links to this page (i.e. this validation result), do the following:
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