This form is required to be completed
at the time of first disbursement by lenders and small business
owners for all 7(a) loans that are closed and disbursed with the
exception of 7(a) Small, Community Advantage, SBA Express and
Export Express loans. SBA uses the information to help determine
whether loans were disbursed in compliance with SBA requirements,
to obtain certifications to such compliance. The form also notifies
lenders of their obligation to retain completed forms.
The burden hours for SBA Form
1050 have increased based on the estimated time spent for each
response on the revised form. The old form was estimated to take 10
minutes to complete, while this revised form is estimated to take
30 minutes to complete. Loan volume is expected to be about the
same for FY 2019 and 2020.
$0
No
No
No
No
No
No
Uncollected
Susan Suckfiel 202
205-6443
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.