[Federal Register Volume 70, Number 227 (Monday, November 28, 2005)]
[Notices]
[Page 71363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-6546]
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SMALL BUSINESS ADMINISTRATION
CommunityExpress Pilot Program
AGENCY: U.S. Small Business Administration (SBA).
ACTION: Notice of Pilot Program extension.
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SUMMARY: This notice announces the extension of SBA's CommunityExpress
Pilot Program until May 31, 2006. This extension will allow time for
SBA to complete its decision making regarding potential modifications
and enhancements to the Program.
DATES: The CommunityExpress Pilot Program is extended under this notice
until May 31, 2006.
FOR FURTHER INFORMATION CONTACT: Charles Thomas, Office of Financial
Assistance, U.S. Small Business Administration, 409 Third Street, SW.,
Washington, DC 20416; Telephone (202) 205-6490; [email protected].
SUPPLEMENTARY INFORMATION: The CommunityExpress Pilot Program was
established in 1999 as a subprogram of the Agency's SBAExpress Pilot
Program. Lenders approved for participation in CommunityExpress are
authorized to use the expedited loan processing procedures in place for
the SBAExpress Pilot Program, but the loans approved under this Program
must be to distressed or underserved markets. To encourage lenders to
make these loans, SBA provides its standard 75-85 percent guaranty,
which contrasts to the 50 percent guaranty the Agency provides under
SBAExpress. However, under CommunityExpress, participating lenders must
arrange and, when necessary, pay for appropriate technical assistance
for any borrowers under the program. Maximum loan amounts under this
Program are limited to $250,000. SBA previously extended
CommunityExpress until November 30, 2005 to consider possible changes
and enhancements to the Program (70 FR 56962).
The further extension of this Program until May 31, 2006, will
allow SBA to more fully evaluate the results and impact of the Program
and to consider possible changes and enhancements to the Program. It
will also allow SBA to further consult with its lending partners and
the small business community about the Program.
(Authority: 13 CFR 120.3)
James E. Rivera,
Associate Administrator for Financial Assistance.
[FR Doc. E5-6546 Filed 11-25-05; 8:45 am]
BILLING CODE 8025-01-P