The Small Business Administration this week issued an interim final rule amending various regulations governing its business loan programs, including changes to the popular 7(a) program. As part of the interim final rule, SBA is providing an additional opportunity for the public to provide feedback on the changes. The final rule takes effect on March 10, but compliance is not required until Oct. 1.
The American Bankers Association previously raised concerns that the proposal fell short of the SBA’s mission statement, and called for significant revisions the proposal to ensure continued access to capital for small businesses and consistent standards for lenders. The association is seeking additional feedback from member banks on the proposal to inform a possible second comment letter.