FFC Chosen for Pilot Program To Speed SBA Loan Processing

SBA has chosen FFCFC, along with other select CDCs across the nation, to participate in a pilot program designed to develop a more consistent and efficient process for submitting 504 loan applications for authorization.

The pilot, termed the Abridged Submission Method (ASM), has been designed to significantly reduce the amount of paperwork sent to the SBA’s central processing center in Sacramento, CA. The intent is to shorten the authorization time frame without sacrificing credit quality. Effective as of August 11, the pilot will run for a year and then be evaluated for future use by all CDC’s.

FFCFC has been part of all recent SBA pilot programs and says Todd Kocourek, President and CEO of FFCFC, “We are very pleased to again be selected by the SBA to assist it in improving its 504 loan program. Those banks and borrowers who come to us for a 504 loan will be the direct beneficiaries of our participation in the ASM pilot.”

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