Section 504 Loan Application
About the National 504 Authorization
Version 2009.1, released 5/24/2009
This version constitutes an update to the previous version of the 504 Wizard. This version, 504 Wizard 2009.1, replaces 504 Wizard 2009 and all service releases. See the " What's new in this version?" section of the Boilerplate for details on the changes in the Boilerplate and Wizard.
The National 504 Authorization ("Authorization") consists of the National 504 Authorization Boilerplate document ("Boilerplate") and the 504 Wizard ("Wizard").
It must be used for SBA 504 Authorizations for 504 loans. The Boilerplate contains the mandatory national standard language.
The Boilerplate is the reference document pertaining to the Authorization. Besides the standardized text itself, it contains a 'Read Me First' section providing general information about the Authorization and a list of changes since the previous version, as well as a list of Frequently-Asked Questions about the Authorization (in Appendix C).
The Wizard is a document automation tool based on the Boilerplate.
The 504 Wizard ("Wizard") was automated using Microsoft Word and has been designed to run in Word 2003 (11). The Wizard is compatible to a limited degree with Word 2000 (9), and Word 2002 (10). SBA cannot effectively support compatibility issues relating to versions of Word other than Word 2003 (11), although Word 2007 (12) is supported to a limited degree. SBA upgraded to Word 2007 (12) during 2009. Version "2009.1" of the 504 Wizard has been programmed in Visual Basic for Applications (VBA).
The installation program will install all Wizards in Word 2000 through Word 2007, although operation of the Wizard will be subject to compatibility issues.
The Wizard is a technical tool intended to make it easier for SBA Loan Officers and lenders to create authorizations based on the Boilerplate. It is not an expert system with lots of checks and balances. Use of the Wizard or any other automation tool does not release lenders from their responsibility to ensure that the authorizations they create comply with the Boilerplate.