SBA general security agreement and UCC filing coordination issues

Primarily CNC machinery, metal fabrication equipment, and some office fixtures. The GSA breaks it down by serial numbers and model specifics, but that seems like too much detail for the UCC filing.

Yeah you definitely don't want serial numbers on the UCC-1. General categories work better and give you more coverage if you add equipment later.

This is exactly right. I learned this the hard way on a $1.9M SBA deal last year. Too specific on the UCC and you create problems down the road.

That makes sense. Did you run into any issues with the SBA reviewing the broader language? I'm concerned they might push back on descriptions that seem too general.

As long as it clearly covers what's in the GSA, they're usually fine with broader UCC language. The important thing is demonstrating that your collateral is properly secured.

Never heard of that tool but sounds useful. How accurate is it for catching those kinds of discrepancies?

Pretty thorough from what I've seen. It specifically looks for gaps where your UCC might not cover collateral mentioned in other loan docs. Definitely worth checking before filing.

Interesting. I usually just do manual comparisons but that can be time consuming with complex GSAs.

Absolutely. SBA coordinators don't have much patience for filing errors that could have been avoided.

That's my biggest concern. This closing has already been pushed back once and I can't afford another delay over UCC issues.

Good point. Entity name consistency is huge with SBA filings. They cross-reference everything.

Yeah I had one rejected because we used 'LLC' instead of 'Limited Liability Company' - exact same entity but slightly different name format.

Thanks for the reminder. I'll double-check that our entity name format matches across all documents.

We're in Texas. Haven't heard of any special SBA requirements here but I should probably verify that.

Texas is usually pretty straightforward for UCC filings. Just make sure you're using their current forms and portal.

Definitely agree. Attorney review for large SBA deals is standard practice in our office.

Good suggestion. I'll have them look at both documents side by side before we file anything.

Make sure they understand SBA requirements specifically. Not all attorneys are familiar with their document coordination standards.

How long does that verification process usually take?

Pretty quick - you just upload the PDFs and it runs the comparison automatically. Takes maybe 10-15 minutes to get results.

This is solid advice. Better to take an extra day or two than deal with rejection and refiling.

You're right. I'll slow down and make sure everything is properly coordinated before filing. Thanks everyone for the guidance.

Great point about documentation. SBA has long memories when it comes to loan compliance.

Definitely maintain a full filing record. Helps with any future amendments or continuation filings too.