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It is imperative to protect the SBA guaranty – and the rules are strict. For example, your institution must notify the SBA within specific deadlines after taking certain collection actions, but you must obtain the SBA’s prior approval before taking other collection actions. In addition, you must document the business justification for your collection actions and retain the supporting documentation in the loan file so the SBA may later determine if your collection actions were commercially reasonable and complied with the SBA’s requirements. In addition, institutions are often required to submit a formal liquidation plan to the SBA. This webinar will explain the proper steps to collect and liquidate SBA 7(a) and 504 loans, the two most common SBA guaranteed loan programs.
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