SBA Information Notice 5000-819849: Reminder that 504 Loan Program Rural Initiative Pilot Program Expires September 30, 2021 — U.S. Small Business Administration
Summary
This SBA Information Notice, control number 5000-819849, effective September 29, 2021, reminds SBA employees and Certified Development Companies (CDCs) that the 504 Rural Initiative Pilot Program expires September 30, 2021. It recounts that SBA announced the pilot in the Federal Register on July 19, 2018 for a two-year period ending July 20, 2020 (83 FR 34021), to increase lending in rural areas by letting CDCs make 504 loans for projects in rural counties in their SBA Region, and published another notice on August 28, 2019 extending it to September 30, 2021 (84 FR 45060). For the pilot, SBA waived the requirements of 13 CFR 120.839 for a CDC making a 504 loan for a project outside its Area of Operations; that waiver also expires. The notice ends with the typed name of Dianna L. Seaborn, Director, Office of Financial Assistance.
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Full text
SBA Information Notice
TO: All SBA Employees and Certified CONTROL NO.: 5000-819849
Development Companies
EFFECTIVE: September 29, 2021
SUBJECT: Reminder that 504 Loan Program
Rural Initiative Pilot Program Expires September
30, 2021
On July 19, 2018, SBA published a Notice in the Federal Register announcing the creation of the
504 Rural Loan Program Rural Initiative Pilot Program (504 Rural Pilot) for a two-year period
beginning July 19, 2018 and ending July 20, 2020. See 83 FR 34021. The purpose of the 504
Rural Pilot was to increase lending in rural areas by authorizing Certified Development
Companies (CDCs) to make 504 loans for projects in rural counties located in their Small
Business Administration (SBA) Region. On August 28, 2019, SBA published another Notice in
the Federal Register announcing the extension of the 504 Rural Pilot to September 30, 2021. See
84 FR 45060. For purposes of the 504 Rural Pilot, SBA waived the requirements in 13 CFR
120.839 for a CDC to make a 504 loan for a Project outside its Area of Operations (i.e., these
requirements did not apply to 504 Rural Pilot loans).
The purpose of this Notice is to remind SBA employees and CDCs that the 504 Rural Pilot
(including its waiver of the requirements in 13 CFR 120.839) expires September 30, 2021.
Questions
Questions concerning this Notice may be directed to the Lender Relations Specialist in the local
SBA Field Office.
Dianna L. Seaborn
Director
Office of Financial Assistance
PAGE 1 of 1 EXPIRES: 9/1/22
SBA Form 1353.3 (4-93) MS Word Edition; previous editions obsolete
Must be accompanied by SBA Form 58
Federal Recycling Program Printed on Recycled Paper
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