Temporary Procedures for Closing SBA Loans to Microloan Intermediates

Effective immediately and until September 30, 2020, SBA is allowing Microloan Program Intermediary Lenders to submit scanned copies of signed closing documents to District Counsels in order to close SBA loans. Intermediaries must also submit a copy of the driver’s license (front and back), or other valid form of identification, of the person(s) executing the Loan Authorization and Agreement, Note, and Security Agreement. District Counsels will email the closing package, including all scanned closing documents required in Paragraph 3.C.6. of SOP 52 00 B, to the assigned SBA analyst. All other closing requirements remain unchanged.



Intermediary Lenders must submit the following closing documents, with original signatures, to SBA by November 1, 2020:

• Loan Authorization and Agreement
• Note
• Security Agreement
• Deposit Account Control Agreement
• Resolution of the Intermediary’s Board of Directors
  
   

Where necessary, documents may be executed in counterparts. All documents should bear the date of original execution and must match the scanned documents submitted to close the loan. Original signed closing documents must be sent via overnight courier to:



U.S. Small Business Administration

Daniel Upham, Chief Microenterprise Development Division

409 3rd Street, S.W. 8th Floor

Washington, DC 20416

Questions

Questions on this Notice may be directed to Daniel Upham, Chief, Microenterprise Development

Division, Office of Financial Assistance via email at Daniel.Upham@sba.gov.



William M. Manger

Associate Administrator

Office of Capital Access