SBA-504 Loan Servicing to Change Hands

Wells Fargo Corporate Trust ServicesBeginning March 25, 2013 the U.S. Small Business Administration (SBA) will transfer the Central Servicing Agent (CSA) responsibilities of the SBA-504 Loan Program from Colson Services Corporation to Wells Fargo Corporate Trust Services. The CSA is responsible for collecting your SBA-504 loan payment on behalf of the SBA. How will this affect you as the owner of the loan? It won’t!

Those of you who have received SBA-504 loans from the SBAC have nothing to worry about. In fact, the only change that you’ll have to make is making your payments to Wells Fargo Corporate Trust Services instead of Colson Services. Other than that, the way your loan is handled and processed will remain the same. Furthermore, those who are currently making your loan payments through automatic debit do not need to make a change unless instructed by us to do so!

An official letter has been sent out to those of you who have received an SBA-504 loan from us and you should be receiving it shortly by mail. Should you have any questions or concerns, please don’t hesitate to contact us.

Thank you for your cooperation and understanding.