504 and 7(a) Loan Programs Updates

 
Docket ID: SBA-2012-0018
Agency: Small Business Administration (SBA)
Summary:
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.
RIN: 3245-AG04
Impacts and Effects: None
CFR Citation: 13 CFR 120
Priority: Other Significant
UA and Regulatory Plan Information open glossary dialog  
Publication Period: Fall 2014
Agenda Stage of Rulemaking: Completed Action
Major Rule: No
Legal Authorities: 15 USC 695 et seq, 15 USC 636(a)
Legal Deadlines: None
Government Levels Affected: No
Federalism Implications: No
Unfunded Mandates: No
Requires Regulatory Flexibility Analysis: Business
Small Entities Affected: No
International Impacts: No
Energy Effects: No
Included in Regulatory Plan: No
Timetable
ActionDateFR Citation
NPRM02/25/201378 FR 12633
NPRM Comment Period End04/26/2013
Final Rule03/21/201479 FR 15641
Final Rule Effective04/21/2014
Docket Details open glossary dialog  
Related RINs: None
Related Dockets: None
Subtype: N/A
Type: Rulemaking
Program Office: Financial Assistance
 

Primary Documents

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Comment Period Closed
Apr 26, 2013 11:59 PM ET
Proposed Rule
Posted: 02/25/2013
ID: SBA-2012-0018-0001
Comment Period Closed
Rule
Posted: 03/21/2014
ID: SBA-2012-0018-0102

Supporting Documents

 
No documents available.

Comments

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103
Comments Received*
Regulatory Timeline
Pre Rule
Current Stage
Proposed Rule
Current Stage
Final Rule
Current Stage
Completed
Current Stage
Agency Contact
John P. Kelley
Senior Advisor to the Associate Administrator
SBA
patrick.kelley@sba.gov
202 205-0067
202 292-3844 (Fax)
409 Third Street SW., Washington, DC 20416
Washington, DC 20416
*This count refers to the total comment/submissions received on this docket, as of 11:59 PM yesterday. Note: Agencies review all submissions, however some agencies may choose to redact, or withhold, certain submissions (or portions thereof) such as those containing private or proprietary information, inappropriate language, or duplicate/near duplicate examples of a mass-mail campaign. This can result in discrepancies between this count and those displayed when conducting searches on the Public Submission document type. For specific information about an agency’s public submission policy, refer to its website or the Federal Register document.