SBA Form 3507 CARES Act Section 1102 Lender Agreement - Non-bank and Non-insured Depository Institution Lenders

What Is SBA Form 3507?

This is a legal form that was released by the U.S. Small Business Administration on April 1, 2020 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is SBA Form 3507?
A: SBA Form 3507 is the application form required for lenders to participate in the CARES Act Section 1102 program.

Q: What is the CARES Act Section 1102 program?
A: The CARES Act Section 1102 program is a provision that provides loans to small businesses to help them maintain their payroll and cover other expenses during the COVID-19 pandemic.

Q: Who needs to fill out SBA Form 3507?
A: Non-bank and non-insured depository institution lenders who wish to participate in the CARES Act Section 1102 program need to fill out this form.

Q: Is SBA Form 3507 specifically for non-bank and non-insured depository institution lenders?
A: Yes, this form is specifically for non-bank and non-insured depository institution lenders.

Q: What is the purpose of the Lender Agreement?
A: The Lender Agreement is a document that outlines the terms and conditions for lenders to participate in the CARES Act Section 1102 program.

Q: Are non-bank and non-insured depository institution lenders eligible to participate in the CARES Act Section 1102 program?
A: Yes, non-bank and non-insured depository institution lenders are eligible to participate in the CARES Act Section 1102 program.

Q: What other requirements do lenders need to meet to participate in the CARES Act Section 1102 program?
A: Lenders need to meet certain eligibility criteria, such as being in good standing with the SBA and having the necessary infrastructure to process and disburse loans.

Q: Can non-bank and non-insured depository institution lenders apply for other SBA loans?
A: Yes, non-bank and non-insured depository institution lenders can apply for other SBA loan programs, but they will need to meet the specific requirements of those programs.