NADCO Congratulates Central Servicing Agent and SBA OPSM for Completing Major Modernization Step for 504 Loan Program

WASHINGTON, May 18, 2018 /PRNewswire-USNewswire/ -- The National Association of Development Companies (NADCO) would like to congratulate the Central Servicing Agent (CSA) and the Small Business Administration (SBA) Office of Performance and Systems Management on completing the migration of CSA systems to SBA.

This migration ? accomplished in February of 2018 ? marks the completion of a second major step in SBA's long-term strategy to streamline the SBA 504 loan process for small business borrowers and the nation's Certified Development Companies (CDCs).  It also provides each CDC with more autonomy over its portfolio data and lays the groundwork for future 504 modernization projects.

NADCO worked closely with SBA and the CSA in the planning, training, and rollout of the CSA system relaunch. During the migration stabilization period currently underway, NADCO will continue to communicate with the CSA as it makes continual improvements and updates to the migration based on user feedback, as well as the SBA as it plans for additional near-term 504 modernization initiatives, including efforts to improve corporate governance and automate functions.

"NADCO is thrilled to be celebrating this milestone with SBA and the CSA. Each completed step brings us closer to a revolutionary, modernized process for more efficient delivery of SBA 504 loans to small businesses. In addition, modernization will streamline SBA oversight and ultimately simplify CDCs' daily work," said Barbara A. Vohryzek, NADCO's President and CEO. "It means a lot to our members that the CSA is continuing to answer questions and incorporate feedback during the transition."

This most recent effort follows a previous effort completed in the summer of 2017 encompassing CSA digitization of loan originations through ETRAN (a digital loan origination and servicing system).

NADCO and the CSA will continue to communicate training with its members as it did most recently at its Spring Summit conference in Washington, DC.

About NADCO

NADCO is the trade association of CDCs - nonprofit companies that have been certified by the SBA to provide financing for small businesses under the 504 Loan Program. NADCO represents over 200 CDCs, serving all 50 states. In FY 2017, the industry provided $X billion to 6,200 U.S. small businesses.

Contact CSA

Relevant resources and FAQ: Visit Eagle Compliance website.

Questions (CDC Online, ETRAN Servicing, or username / password reset): [email protected] 

Questions (loan servicing, CDC Online available reports): [email protected].

SOURCE National Association of Development Companies (NADCO)