PDF
Word
SBA Form 2237 7(A) Loan Post Approval Action Checklist
What Is SBA Form 2237?
SBA Form 2237, 7(A) Loan Post Approval Action Checklist is a form used by a Lender as a part of the Small Business Administration (SBA) 7(a) program paperwork to notify the SBA on the certain actions conducted after the loan was approved. These actions include closing the loan, changes in the borrower's legal or business name, etc. This information is used by the SBA to update and keep their records actual.
The latest edition of the form was released by the SBA on September 1, 2023 . The most recent SBA Form 2237 fillable version can be downloaded below.
The Lender is supposed to check the appropriate action they would like to inform the Small Business Administration about and include specific information about it. If the required action is not on the SBA Form 2237, a written request should be faxed or e-mail should be sent. If the lender has to inform the SBA on changing in the loan amount or guarantee percentage, the SBA 2237 form should be submitted with an attached memo explaining the reason for the changes.
There is also a separate list of actions the lender does not have to notify the SBA about. The list can be found in SOP 50 50 4B, Chapter 4.
7(A) Loan Post Approval Action Checklist
SBA Form 2237 is used in connection with the SBA 7(a) loan program. This is one of the most popular loan programs offered by the SBA to the small businesses. The 7(a) program offers loans up to 5 million dollars to fund startup costs, purchase equipment, purchase land, repair existing capital, fund growth opportunities, refinance debt, or purchase supplies. To be considered eligible, the business should meet the size standards of the SBA, operate within the U.S for profit and have reasonable equity to invest.
SBA 2237 is also used in connection with the SBA Express loan program.
SBA Express loans are similar to the SBA 7(a) loans, but there are a few differences. Typically, express loans have higher, up to 6,5%, interest rates and a 10-year repayment period. The SBA will cover a lesser part of the loan for the lender and express loan programs offer lower maximum loan amounts: up to 500,000$. Application for the express loan is relatively simple in comparison with standard 7(a) loans, requiring less paperwork. In addition, the SBA will review the application for the express loan in 36 hours and require less paperwork to apply.
There are two types of the SBA Express Loan: Standard Loan and Export Loan. The standard option is generally similar to the SBA 7(a) loan. The Export option is intended for businesses dealing with exporting goods.
