SBA Announces Selection of Jihoon Kim to Lead the Office of Financial Program Operations
WASHINGTON, Dec. 14, 2018 /PRNewswire/ -- Administrator Linda McMahon of the U.S. Small Business Administration (SBA) announced the selection of Jihoon Kim as the director for the SBA's Office of Financial Program Operations (OFPO). In this role, Kim is responsible for overseeing SBA's national lending operations, including 504 and 7(a) loan processing centers in Sacramento, Calif., and Hazard, Ky.; 504 and 7(a) loan servicing and resolution centers in Fresno, Calif., Little Rock, Ark. and Herndon, Va.; the SBA disaster loan servicing centers in Birmingham, Ala., and El Paso, Texas; and the National Disaster Loan Resolution Center in Santa Ana, Calif. He is also responsible for management of the SBA's $129 billion portfolio of direct and guaranteed loans.
"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," McMahon said.
Kim joined the SBA in 1994 as a loan officer in the Office of Disaster Assistance and has served in a variety of roles 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.
Most recently, Kim served as the deputy director of OFPO, managing the Quality Improvement Program, which provides a means of continuous improvement for the operations of the loan processing and purchase centers. He also managed the Portfolio Management Program to ensure compliance with loan program requirements before honoring the SBA's loan guaranty.
Kim earned his undergraduate degree in Economics from the University of California, Santa Barbara.
About the 7(a) and 504 loan programs
The 7(a) loan program is the SBA's primary program for providing financial assistance to small businesses and offers guarantees on loans to small businesses of up to $5 million on reasonable terms and conditions. 7(a) loans are commonly used for acquiring land, purchasing equipment, or working capital. The CDC/504 loan program helps small businesses acquire fixed assets to promote economic development in the form of long-term fixed rate financing for fixed assets on reasonable terms. Under this program, the SBA authorizes CDCs (Certified Development Companies) to provide financing to small businesses with the help of third-party lenders (typically banks). The maximum loan amount is generally $5 million; however, certain eligible energy-efficient or manufacturing projects may qualify for more than one 504 loan up to $5.5 million each.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Release Number: 18-74
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SOURCE U.S. Small Business Administration
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