Cumulative Preferred Dividends with SBA Loans

I have heard from a lender they are interpreting preferred equity with cumulative dividends as being considered debt, based on the update SOP###-###-#### from the SBA. Assuming other institutions are interpreting it this way, how are people making adjustments to how they structure dividends for preferred stock? This appears to be the only section from the SOP which references it: g) An equity investment not subject to an agreement to repay equity or make distributions to recover an investor’s investment prior to release of the guaranty. Note: Whether called “search funding” or by some other name, SBA will consider any investment subject to an agreement to repay equity or make distributions to recover an investor’s investment prior to release of the guaranty (e.g., certain types of redeemable preferred stock) to be debt and not equity.