504 secondary market

There’s an active secondary market for CDC debentures that are backed by SBA. As a CDC, you can sell these guaranteed debentures to investors.


The Small Business Administration guarantees debentures issued by CDCs.  SBA debentures are securitized into Debenture Pools which are sold to investors as Development Company Participation Certificates (DCPCs). SBA guarantees the full faith and credit and timely payment on these certificates.

Debenture funding schedule

View SBA's Information Notice regarding the Debenture Funding Schedule for 504 Loans - Calendar Year 2022. The schedule dates include the sale of both 10- and 20-year debentures.

Fiscal and Selling Agent (FSA)

Eagle Compliance, LLC serves as FSA for SBA’s CDC/504 loan program. As FSA, Eagle provides services and administrative support to SBA and CDCs related to the sale of 504 debentures and debenture pool certificates.

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SBA lenders finance small businesses

Lenders that work with SBA provide financial assistance to small businesses through government-backed loans.
Last updated May 18, 2023