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504/7(a) Proposed Rule Comment Period

 

SBA Revises OCA Regulations on 504 and 7(a) Loan Program to Expand Access to Loan Programs, Streamline the Application Process and Ensure Program Integrity through Enhanced Oversight

 

Summary of Proposed OCA regulations changes for 504 and 7(a) programs

SBA has proposed to revise OCA regulations for the 504 and 7(a) loan programs.  The goal of these regulation changes is to expand the accessibility of SBA loan programs, to streamline the loan application process and to ensure program integrity through effective, proper oversight.

The SBA proposed rule resulted from extensive consultations with lenders and borrowers to identify the greatest challenges they face and find ways to reduce those barriers and make loans more accessible while reducing waste, fraud and abuse.

Among the proposed changes are:

•           Eliminating the personal resource test

•           Revising the rule on affiliation

•           Eliminating the nine-month rule for the 504 loan program

•           Increasing accountability of the CDCs’ Board of Directors

•           Removing unnecessary CDC operational requirements, and

•           Other provisions to refocus CDC operational and
             organizational requirements

 

Proposed OCA rule for 504 and 7(a) regulations changes

A copy of the OCA proposed rule is available for review on the Federal Register website at:

http://www.gpo.gov/fdsys/pkg/FR-2013-02-25/pdf/2013-04221.pdf

 

 

Contacts for Submitting Comments or for Technical Assistance Questions

Mail:

Patrick Kelley, Deputy Associate Administrator
Office of Capital Access
ATTN:  Linda Reilly, Chief, 504 Program Branch
U.S. Small Business Administration
409 Third Street, SW
Washington, DC  20416

E-mail:
ocareg2013@sba.gov

For technical questions contact:
Linda Reilly, Chief, 504 Program Branch
202-205-9949
linda.reilly@sba.gov

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