SPARK Update for the SBA Notice on Implementation of Final Rule on Affiliation & Lending Criteria

On the evening of Wednesday, May 24th, we are planning to release the following updates to SPARK based on the guidance provided in Procedural Notice 5000-846607.

SLA Scoring for Loans $500,000 or Less

SLA Scoring will be enabled for loans that are $500,000 or less. We will not be updating our SBA Eligibility section for small loans or the mapping of small loans to Form 1920 until further guidance is provided.

Removal of the Personal Resources Test

The personal resources test will no longer be available in the SBA Eligibility Credit Available Elsewhere section. We will also remove this section from our standard Credit Available Elsewhere credit memo section.

Updated Collateral Advance Rates

Lenders who have not deviated from SPARK's default collateral advance rates will have the following advance rates applied:

• Business Assets: Durable Equipment - New will be updated to 75% for Cost

• Business Assets: Durable Equipment - New will be updated to 75% for Appraisal

• Business Assets: Machinery and Equipment will be updated to 80% for Appraisal

• Business Assets: Machinery and Equipment will be updated to 75% for Cost

Update to the Large Loan Strategy

Our existing Large Loan Strategy will be updated to include loans that are greater than $500,000.

Update to the Small Loan Strategy

Our existing Small Loan Strategy will be updated to include loans that are less than or equal to $500,000.

Update to the Real Estate Hazard Insurance Tooltip

The tooltip that exists for Real Estate Hazard Insurance in SPARK's Insurance feature will be updated to reflect the updated language found on pages 18 and 19 of the procedural notice.

Update to the Personal Property Hazard Insurance Tooltip

The tooltip that exists for Personal Property Hazard Insurance in SPARK's Insurance feature will be updated to reflect the updated language found on pages 18 and 19 of the procedural notice.

Find Out More

Stay tuned for the latest features and subscribe to your favorite categories. If you have any feedback or questions, please reach out to your Customer Success Manager or email us at support@lendwithspark.com. Your feedback will help us make SPARK the best loan origination software in the market!