SBA Announces New Electronic Signature Standards to Expedite Loan Processes and Reduce Paperwork
Effective January 1, 2015, SBA lending partners may now utilize compliant e-signature platforms to sign and process their 7(a) and 504 loan guarantee applications.
Administrator Maria Contreras Sweet recently remarked: “Effective January 1, 2015, SBA lending partners can use approved electronic signatures in the loan application process – a convenience that will save everyone time and money. By modernizing processes, I anticipate an increase in our lending portfolio with a particular boost in smaller dollar loans.”
The introduction of SBA’s electronic signature standards is the first of other improvements planned for 2015. For details on valid electronic signatures and eligibility, lenders are encouraged to review Procedural Notice 1500-1323.