[Federal Register Volume 72, Number 247 (Thursday, December 27, 2007)]
[Notices]
[Page 73415]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-25102]
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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 SBA's extension of the CommunityExpress
Pilot Program until March 30, 2008. This extension will allow SBA to
complete and implement a restructuring of the CommunityExpress program.
DATES: The CommunityExpress Pilot Program is extended under this notice
until March 30, 2008.
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 based on the Agency's SBAExpress Program. Lenders
approved for participation in CommunityExpress are authorized to use
the expedited loan processing procedures in place for the SBAExpress
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 with 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 their borrowers under the program. Maximum loan amounts under this
Program are limited to $250,000. SBA previously extended
CommunityExpress until December 31, 2007 (72 FR 13341), to discuss and
develop possible changes and enhancements to the Program.
The further extension of this Program until March 30, 2008, will
allow SBA to develop several new concepts designed to improve the
potential effectiveness and efficiency of the program and enhance the
prospects of success for the small business borrowers under it.
(Authority: 13 CFR 120.3)
Charles W. Thomas,
Acting Director, Office of Financial Assistance.
[FR Doc. E7-25102 Filed 12-26-07; 8:45 am]
BILLING CODE 8025-01-P