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SBA Final Rule: 504 and 7(a) Loan Programs Updates

This rule finalizes the proposed rule that SBA issued to improve access to its two flagship business lending programs: the 504 Loan Program and the 7(a) Loan Program. This rule will enhance job creation through increasing eligibility for loans under SBA’s business loan programs and by modifying certain program participant requirements applicable to the 504 Loan Program. In addition, SBA is revising Certified Development Company (CDC) operations requirements to clarify certain existing regulations. SBA has decided to further study the issue of how to redefine affiliation for the business loan programs and is not including any changes to the affiliation standards in this final rule.

This rule is effective April 21, 2014, except for the amendment to 13 CFR 120.823, which is effective April 21, 2015.