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In the Spotlight
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David is the co-founder and Managing Partner of Starfield & Smith, P.C. David has been actively involved in SBA lending and has been helping lenders to document, close, service and liquidate SBA loans for over 20 years. In his practice, David represents and assists numerous small businesses and hundreds of lenders that participate in SBA's lending programs, including the National Association of Government Guaranteed Lenders ("NAGGL"). David's skill as an attorney is of the highest caliber. Martindale-Hubbell gives David its highest rating of "AV" for his legal skill and ethics. His peers have repeatedly voted him a "Super Lawyer" in Philadelphia magazine. David uses these skills on a daily basis to represent the interests of small businesses and the lenders that extend capital to the small business community.
In addition to his law practice, David devotes countless hours to NAGGL as a developer and instructor for several of NAGGL's most popular courses; as a member of NAGGL's Technical Issues Committee; as a regular contributor of articles and insights to NAGGL's monthly newsletter; as a member of the Region III Liaison Committee; and as a frequent lecturer and moderator of roundtable discussions on the latest SBA lending and regulatory issues.
ADMISSIONS:
- U.S. Supreme Court
- Pennsylvania
- New Jersey
To read more about David, click here.
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FEATURED ARTICLE
Best Practices: NEW E-Tran Requirements in SOP 50 10 5(H)
By: Kristen G. Dickey, Esquire
The Information Notice also identifies several revisions to SBA requirements in the new SOP regarding the use of E-Tran for: (i) 7(a) Loan Applications; (ii) the request for SBA consent by a delegated lender for a loan increase or decrease prior to final disbursement; and (iii) notification to SBA of specific changes to a loan prior final disbursement by delegated and non-delegated lenders.
CHAPTER 6: WHERE TO SUBMIT APPLICATION FOR GUARANTY
- All lenders must submit 7(a) applications for guaranty via E-Tran ONLY.
- There is no e-mail option.
- E-Tran capacity has been increased to accept larger files, but if an attachment is too large to be submitted through E-Tran, Lenders may still submit the large attachment through "Send This File" [http://www.sba.gov/aboutsba/sbaprograms/elending/lgpc/index.html
click on "Submit 7(a) Document Here" or "send this file.com"]
CHAPTER 7: POST-APPROVAL/PRE-FINAL DISBURSEMENT REQUESTS FOR CHANGES TO INCREASE OR DECREASE IN LOAN AMOUNT OR GUARANTY PERCENTAGE:
- Non-Delegated Loans [This process remains the same.]
- Delegated Loans [This process has changed!]
- For SBA loans approved under a lender's delegated authority, lenders must obtain approval of an increase or decrease in the loan amount in E-Tran ONLY.
- Approval of the requested increase or decrease in E-Tran will constitute SBA's prior written consent.
- There is no e-mail option.
- For SBA loans approved under lender's delegated authority, lenders must obtain approval of an increase or decrease in the guaranty percentage by submitting a written request to the LGPC that includes:
- Name of the lender;
- Name of the lending officer;
- Phone number, fax number;
- Name of the borrower;
- SBA Loan Number; and
- Specific information à How it is now? How it should be? Why? [Provide justification for change and any supporting documentation.]
CHAPTER 7: POST-APPROVAL/PRE-FINAL DISBURSEMENT NOTIFICATION TO SBA OF OTHER CHANGES (identified herein)
- Lenders must inform SBA of the following actions via E-Tran ONLY [SBA approval of these items is not necessary, and SBA will not respond in writing]:
- Cancellation of the entire loan;
- Change in the maturity date;
- Change in the legal name of the business;
- Change in the trade name of the business; or
- Change in the borrower's business address.
- There is no e-mail option.
Lenders should take care that they are complying with the current SBA regulations relating to E-Tran. For more information regarding E-Tran requirements, please contact Kristen at (407) 667-8811 or at kdickey@starfieldsmith.com.
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EVENTS & SEMINARS
Avoiding Lender Liability
Presented By: SBA Date: May 26, 2015 @ 10:00am EST Location: Webinar
For more information about this event and/or to register, click here.
Date: June 3, 2015 Location: Dallas, Texas
For more information about this event and/or to register, click here.
Date: June 4-5, 2015 Location: Dallas, Texas
For more information about this event and/or to register, click here.
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Bob Cota / President / PCFS 2000
It is a pleasure working with a law firm that can provide us with legal advice that also addresses the business aspects of the issues that we deal with. Your counsel, combined with your unique knowledge of the SBA industry, has been a great help to us. We look forward to a long relationship with your firm.
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Pennsylvania Office:
1300 Virginia Drive | Suite 325 | Ft. Washington, PA 19034
phone: 215.542.7070 | fax: 215.542.0723
Philadelphia Office:
2000 Market Street | Suite 500 | Philadelphia, PA 19103
phone: 215.542.7070 | fax: 215.542.0723
Florida Office:
2600 Maitland Center Parkway | Suite 330 | Maitland, FL 32751
phone: 407.667.8811 | fax: 407.667.0020
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This email is an advertisement from Starfield & Smith, P.C. and is subject to this disclaimer. © 2009-2015 Starfield & Smith, P.C. All Rights Reserved
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