Industry Insights
SBA SOP 50 10 8 – Video 5 – Documentation & Closing Updates
May 6, 2025
Video #5: Documentation & Closing Updates
Document Updates:
- Form 1050 (or lender equivalent) required for every loan.
- Form 601 removed as a requirement.
- Lender certifications (details to be reviewed).
- State-specific provisions in loan documents (already compliant).
- Borrower certifications at closing (new requirements to be confirmed).
Closing Requirements:
- Lenders must secure all required collateral and meet conditions before disbursement, including valid/enforceable security interests, business licenses, cash/equity injections, and appraisals/evaluations.
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