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You are here: Home » Resources » Articles » Small Business Administration SOP 50 10 5(K) Updates: What it Means for Your Risk Management

March 29, 2019

Small Business Administration SOP 50 10 5(K) Updates: What it Means for Your Risk Management

By Janet Annan

ENVIRONMENTAL AND CONSTRUCTION DUE DILIGENCE CHANGES

By now, you have already heard the Small Business Administration (SBA) just released the new SOP 50 10 5(K), which includes (among other minor revisions) a couple of notable updates to the environmental policy and a clarification on risk management for construction components above $350,000. These changes will go into effect April 1, 2019.

The impact of these changes will be to further tighten environmental risk and liabilities associated with construction defaults. In general, these changes shouldn’t have a drastic effect on prices, and in some cases, can even help save funds during the underwriting process.

To read the full GlobeSt article detailing the latest SOP changes and key due diligence considerations, click here.

About the Authors

Janet Annan

Janet Annan

Client Manager, Principal
Janet Annan is a Principal and Client Manager, who is specialized in environmental due diligence and other services supporting Partner including institutional and private equity clients, Fannie Mae, Freddie Mac, and SBA. She provides technical expertise and senior review to ensure ASTM, AAI, and SBA requirements are completed for the client requirements on all levels of environmental due diligence. Her responsibilities include project and team oversight, report review, client liaison, education to internal and external clients, and technical expertise. Specifically, Ms. Annan has nearly 20 years of experience and has performed and supervised Phase I and Phase II Site Assessments, Baseline and Exit Assessments, SBA Farm Loans, TSAs, Subsurface Investigations, RSRAs, Peer Reviews, Limited Compliance Overviews, Asbestos Surveys, Radon Measurement and Mitigation Surveys, National Environmental Policy Protection Act (NEPA), “hands-on” field investigations, remediation projects, formerly-used defense (FUD) sites, CERCLA sites with Community Involvement, and hazardous material emergency response.

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