The U.S. Small Business Administration (SBA) issued a series of new procedural notices this week, including SBA Information Notice 5000-847027 publishing the new SOP 50-10-7, “Lender and Development Company Loan Programs.”  SOP 50-10-7 will become effective August 1, 2023, and will apply to all new loan applications received by SBA on or after that date. SOP 50-10-6 will still apply to all 504 and 7(a) applications submitted through July 31, 2023. One noticeable change in the updated SOP is that SBA is removing Part 1 of SOP 50-10-6 and incorporating that guidance in a new SOP 50-56 that SBA expects to publish soon.

SBA also published two additional notices that impact guidance in the current SOP 50-10-6 –

  1. SBA Procedural Notice 5000-846991 removes the requirement for a loan authorization in the 7(a) and 504 loan programs in accordance with the SBLC rule and is effective to all 504 and 7(a) applications received by SBA on or after May 12, 2023
  2. SBA Procedural Notice 5000-846607 implements the Affiliation Rule and is effective to all 504 and 7(a) applications received by SBA on or after May 11, 2023

The new guidance from these two notices has already been incorporated into the new SOP 50-10-7 but is effective for all new applications as noted above.

Keep in mind…as your 504 Partner, we stay on top of all the changes to SBA rules and regulations so you don’t have to!  If you have any questions or concerns, don’t hesitate to contact a member of our lending team!


About Growth Corp

Growth Corp is the largest provider of SBA 504 commercial real estate financing in Illinois. 

Growth Corp is a non-profit development company certified by the U.S. Small Business Administration (SBA) to originate SBA 504 loans in Illinois and its surrounding areas.  Driven by a passion for helping small businesses grow, Growth Corp is the largest SBA 504 Lender in Illinois and one of the top ten Certified Development Companies in the country.  With a current portfolio in excess of $850 million, Growth Corp has helped thousands of small and medium-sized businesses get the financing they need.

We know your success depends on having access to expansion capital.  We offer affordable and accessible expansion capital to grow your business.  Our experienced staff takes pride in making a difference in the lives of small business owners and their employees.  Start-ups to seasoned businesses and everything in between can benefit from working with Growth Corp.