Shulman Rogers Support for SVOG Applicants
August 24, 2021
Throughout the coronavirus pandemic, the Small Business Lending Group at Shulman Rogers has been actively supporting clients with their applications for relief funding from the SBA.
The United States Small Business Administration and many other federal and local governmental agencies offer several loan programs for lenders to assist a small business when conventional commercial underwriting standards cannot be met. The Commercial Lending team at Shulman Rogers has developed a proficiency in representing lenders in navigating the rigorous conditions placed on our clients by those agencies in approving, underwriting and closing loans under these programs.
Our representation begins at the planning stages where our lender clients discuss the best avenues for lending to a small business and the program options available to assist the small business, whether the funds are borrowed for start-up expenses, business acquisition, asset purchase, construction, working capital, or a combination of such uses. We can identify the applicable programs and put our clients in touch with governmental and private non-profit agencies that can lead the lender and small business borrower through the program application and approval process.
The two main SBA facilities are the SBA 7(a) as shown on the comparison chart attached below, guarantee program and the SBA 504 loan program. Each has unique characteristics and requirements, making attention to detail and intimate knowledge of the SBA’s Standard Operating Procedures are a necessity in closing the transactions. This is where Shulman Rogers excels.
We begin the closing process once the SBA Loan Authorization is issued. For SBA 7(a) guaranteed loans, the Authorization is converted into a comprehensive checklist that provides a roadmap to preparing the loan documents, obtaining the required due diligence, insurance, third-party consents, and eventually closing the loan and documenting the proper use of the funds. While the demands of the government are sometimes timing consuming, our extensive knowledge and network of contacts allow us to shorten the timeframes so that the small business can thrive, without being bogged down with unnecessary delays. We understand the value of efficiency and accuracy when balancing the needs of the small business and the requirements of the SBA. We have closed SBA 7(a) loans across the country, including loans to businesses in Maryland, the District of Columbia, Virginia, West Virginia, New Jersey, New York, North Carolina, Georgia, Florida, Tennessee, Texas, Colorado, and California. In closing the SBA 7(a) loans, we have dealt with almost every situation a lender may encounter, including landlord issues, business acquisition requirements, franchisor approvals, and construction due diligence.
In the SBA 504 loan program context, Shulman Rogers will represent the institutional lender in closing the transaction, and has developed strong relationships with all area Certified Development Corporations (CDCs), so that the closing process is seamless and we ensure all requirements of the CDC’s second trust loan are met prior to closing our lender clients’ first trust loans. When construction is involved, which forces our lender client to temporarily advance funds to be later refinanced by the CDC, our knowledge of the program helps anticipate issues that could arise after the initial closing but prior to the CDC refinance. Shulman Rogers extensive experience plays a critical role to ensure a smooth SBA transaction for all parties.
August 24, 2021
Throughout the coronavirus pandemic, the Small Business Lending Group at Shulman Rogers has been actively supporting clients with their applications for relief funding from the SBA.
July 29, 2021
The SBA announced that as of August 4, 2021, it will have a new portal to submit applications for forgiveness of all loans less than $150,000.00.
May 8, 2020
UPDATE: The SBA provided the following updated guidance regarding the Safe Harbor deadline for borrowers. We expect revised interim final rules on this subject by early next week (given that Thursday is the deadline) and we will provide further updates as soon as possible.
May 5, 2020
Shulman Rogers’ attorneys, Paul O’Reilly and Timothy Bryan, recently joined Kyle Wade and Amy Miller of Payroll Network to present a webinar, Small Business Administration Loan Opportunities.
April 7, 2020
1. How has Shulman Rogers been assisting its clients with the loan process? Most companies have never applied for SBA loans before and need to figure that out as the world changes around them. At NEXT powered by Shulman Rogers, we made it easier for companies in two ways.
March 26, 2020
In response to the impact of COVID-19, the Small Business Administration (SBA) announced the availability of Economic Injury Disaster Loans. While some business owners may be tempted to complete the SBA loan application on their own, a single misstep during this part of the process can cause serious problems down the road.