A Message from our CEO
Great news for small businesses and their lending partners!
The National Association of Development Companies (NADCO) announced an increase to the 504 authorization cap has been included in the proposed funding bill for the remainder of fiscal year 2022.
The breakdown of proposed authorization levels is:
- The regular 504 program is authorized at $11 billion; and
- The 504 debt refinance without expansion program is authorized at $4 billion.
What this ultimately means: THERE’S MORE MONEY FOR 504!
We have also learned that due to time constraints, the House will likely consider a continuing resolution through March 15 to keep the government open—allowing the House and Senate to pass the long-term funding bill and navigate procedural hurdles in the Senate. NADCO does not expect there to be changes to the bill.
We join with NADCO and express our thanks for the work of fellow Certified Development Companies, our lending partners, CDC board members, American Bankers Association, Independent Community Bankers of America, Chambers of Commerce and everyone who reached out to their congressional leaders on behalf of the 504 program so it and we can continue serving small businesses.
Every email, call, conversation, meeting and other grassroots efforts have helped make this happen.
John D. Evans
President & CEO