What's Hot in Small Business – Chris Crum
|Chris Crum writes for Small Business Resources about what's new for small business. Chris was a featured writer with the iEntry Network of B2B Publications where hundreds of publications linked to his articles including the Wall Street Journal, USA Today, LA Times and the New York Times.|
SBA Has a New Leader of Financial Program Operations
The United States Small Business Administration (SBA) recently announced the selection of Jihoon Kim to Lead the Office of Financial Program Operations. This makes Kim responsible for overseeing the agency’s national lending operations. This includes:
The 7(a) loan program is the SBA’s main program for providing financial assistance to small businesses, offering guarantees on loans to small businesses of up to $5 million on "reasonable terms and conditions." These loans are often used by businesses to purchase equipment, land, or for working capital, as are 504 loans.
In addition to overseeing these offices, Kim is also responsible for managing the SBA’s $129 billion portfolio of direct and guaranteed loans.
SBA Administrator Linda McMahon commented, “I’m pleased to announce Jihoon as the new director of Financial Program Operations and we look forward to his continued work on improving the efficiency and effectiveness of our loan programs. Over the last two years, Jihoon has overseen a 50 percent improvement in the time it takes the SBA to review and approve guarantees for loans. That’s a win for small businesses."
Kim has been with the agency for twenty-five years, having started as a loan officer in the Office of Disaster Assistance back in 1994. In the time since then, he has served in a variety of different SBA roles, including positions at the SBA’s Los Angeles District Office, the Office of Financial Assistance, the Office of Program Systems Management, and the Office of Financial Program Operations (OFPO) where he was previously Deputy Director.
As Deputy Director of OFPO, Kim was responsible for managing the Quality Improvement Program. According to the SBA, this program provides a means of continuous improvement for the operations of the loan processing and purchase centers.
Kim also managed the Portfolio Management Program to ensure compliance with loan program requirements before the SBA’s loan guaranty is fulfilled.
Kim received an undergraduate degree in Economics from the University of California, Santa Barbara. He was a speaker at The Association of Credit and Collection Professionals' Washington Insights Conference in 2017, where he provided insights based on his years of experience with the SBA to association members who own small businesses.