USA, Aug’23:Strategic Medical Brokers specializes in providing brokerage services for the buying and selling of medical practices. They act as intermediaries, assisting healthcare professionals in the process of practice valuation, marketing, and negotiations. Strategic Medical Brokers aim to provide comprehensive support and expertise to healthcare professionals, ensuring successful transitions and optimal outcomes for both buyers and sellers of medical practices.
The Small Business Administration (SBA) has consistently played a pivotal role in bolstering small businesses through its variety of loan programs. Chief among these are the 7(a) and 504 lending programs, which have long served as lifelines for businesses seeking financial assistance. In a bid to stay responsive to the evolving needs of businesses and the broader economic climate, the SBA has recently introduced new significant rule changes for both these programs. These changes reflect the agency's commitment to enhance accessibility, streamline processes, and offer greater flexibility to borrowers.
Below are the top things you need to know about the new SBA SOP:
• SBA will now allow loans for partial changes of ownership - SBA loans are now available to support the acquisition of a share in the ownership of one or multiple business owners
• The personal resource test is no longer required - When a loan applicant applies for an SBA loan, SBA lenders are no longer required to take into account their personal resources.
• Lending criteria for creditworthiness simplified for loans under $500,000 - For loans below $500,000, the SBA has eased the due diligence and documentation standards to judge an applicant's creditworthiness.
• Insurance requirements changed - Life insurance is not mandated for 7(a) and 504 loans anymore, and lenders now have the discretion to decide on policy collateral. Meanwhile, hazard insurance isn't essential for loans under $500,000, unless there's real estate collateral.
• The term "equity injection" refers to fresh funds or other suitable assets.
• The process for refinancing business loans is now more user-friendly.

Our team undergoes rigorous training and frequent briefing sessions to ensure we fully understand these modifications. This diligence enables us to guide our clients seamlessly through the updated procedures, ensuring they can continue to leverage the benefits of these essential lending programs effectively and efficiently.Strategic Medical Brokers is here to help you navigate the options of buying or expanding your business. We’re committed to staying up-to-date with SBA regulations to ensure a smooth and successful transaction for our clients.
About the Company:
Strategic Medical Brokers is a powerhouse of healthcare transition specialists, bringing together decades of collective experience in the healthcare sector. Strategic Medical Brokers serve as trusted allies for healthcare providers, aiding them in navigating the complex transition journey from active practice to retirement.
Address: 20860 N. Tatum Blvd., Suite 300, Phoenix, AZ 85050
Phone: 888-970-1210
Email: [email protected]