SBA 504 Program Continues To Have Capacity to Fund 504 Loans

SBA published a notice regarding 7(a) lending’s impending approach to its FY 2015 loan volume ceiling before the end of the fiscal year, likely within the next few days. Due to the anticipation of the end of the availability of 7(a) loan authority, SBA has indicated that 7(a) applications will be processed up to the point of approval and then will be placed into a queue awaiting the availability of program authority. Applications in the Queue will be funded in the order they were approved by SBA at the start of the new fiscal year on October 1, 2015 unless Congress takes action to raise the program cap prior to that date.

The Certified Development Company (504) Program continues to have available capacity to fund 504-eligible loans through the end of the fiscal year.

Reported by: NADCO (National Association of Development Companies)