Lead SBA Office is the SBA District Office designated by SBA as the primary liaison between SBA and a CDC and with responsibility for managing SBA's relationship with that CDC.
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Job Opportunity is a full time (or equivalent) permanent job created within two years of receipt of 504 funds, or retained in the community because of a 504 loan. Investor is an owner of a beneficial interest in a Debenture Pool. The minimum Area of Operations is the State in which the CDC is incorporated.Ĭentral Servicing Agent (CSA) is an entity that receives and disburses funds among the various parties involved in 504 financing under a master servicing agent agreement with SBA.Ĭertificate is a document issued by SBA or its agent representing ownership of all or part of a Debenture Pool.ĭebenture is an obligation issued by a CDC and guaranteed 100 percent by SBA, the proceeds of which are used to fund a 504 loan.ĭebenture Pool is an aggregation of Debentures.ĭesignated Attorney is the CDC closing attorney that SBA has approved to close loans under an expedited closing process for a Priority CDC. Defined terms are capitalized wherever they appear.Īrea of Operations is the geographic area where SBA has approved a CDC's request to provide 504 program services to small businesses on a permanent basis. The following terms have the same meaning wherever they are used in this subpart. Third Party Lender participation fee and CDC fee.Īuthority of CDCs To Perform Liquidation and Debt Collection LitigationĬDC Liquidation of loans and debt collection litigation.Įnforceability of 501, 502 and 503 Loans and Other Laws Suspension or revocation of brokers and dealers. Pre-existing debt on the Project Property.ĭeposit from the Borrower that a CDC may require. Required participation by the Third Party Lender. Limitations on any contributions by a Licensee.
Loan-Making Policies Specific to 504 LoansĮligible administrative costs for 504 loans.Ĭertifications of disbursement and completion. Leasing part of Project Property to another business. Voluntary transfer and surrender of CDC certification. Requirements for 504 loan processing, closing, servicing, liquidating, and litigating by PCLP CDCs.Įxpiration of Associate Development Company designation. Requirements for the Loan Loss Reserve Fund (LLRF). Requirements for maintaining and renewing PCLP status. Premier Certified Lenders Program (PCLP). SBA decision on application for a new CDC or for an existing CDC to expand Area of Operations.Ĭase-by-case application to make a 504 loan outside of a CDC's Area of Operations. Job Opportunity average a CDC must maintain.Īpplication to expand an Area of Operations. Minimum level of 504 loan activity and restrictions on portfolio concentrations. Other services a CDC may provide to small businesses.
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Professional management and staff, and contracts for services. Requirements for CDC Certification and OperationĪpplicability to existing for-profit CDCs. Probationary period for newly certified CDCs.
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