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SBA

RIN: 3245-AG04

Publication ID: Fall 2014

Title: 504 and 7(a) Loan Programs Updates
Abstract: The 7(a) Loan Program and 504 Loan Program are SBA's two primary business loan programs authorized under the Small Business Act and the Small Business Investment Act of 1958, respectively. The 7(a) Loan Program's main purpose is to help eligible small businesses obtain credit when they cannot obtain "credit elsewhere." This program is also an important engine for job creation. On the other hand, the core mission of the 504 Loan Program is to provide long-term fixed asset financing to small businesses to facilitate the creation of jobs and local economic development. The purpose of this proposed rulemaking is to reinvigorate these programs as vital tools for creating and preserving American jobs. SBA proposes to strip away regulatory restrictions that detract from the 504 Loan Program's core job creation mission as well as the 7(a) Loan Program's positive job creation impact on the American economy. The proposed changes would enhance job creation through increasing eligibility for loans under SBA's business loan programs and by modifying certain program participant requirements applicable to these two programs. The major changes that SBA is proposing include changes relating to the personal resources test, the 9-month rule for the 504 Loan Program, and CDC operational and organizational requirements.
Agency: Small Business Administration(SBA)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Completed Actions
Major: No	Unfunded Mandates: No
CFR Citation: 13 CFR 120
Legal Authority: 15 USC 695 et seq, 15 USC 636(a)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	02/25/2013	78 FR 12633
NPRM Comment Period End	04/26/2013
Final Rule	03/21/2014	79 FR 15641
Final Rule Effective	04/21/2014

Additional Information: Included in SBA's Retrospective Review under Executive Orders 13563 and 13610.
Regulatory Flexibility Analysis Required: Yes	Government Levels Affected: None
Small Entities Affected: Businesses	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: Yes
Agency Contact: John P. Kelley Senior Advisor to the Associate Administrator Small Business Administration 409 Third Street SW., Washington, DC 20416 Phone:202 205-0067 Fax:202 292-3844 Email: patrick.kelley@sba.gov