Check the SOP: 504 Q&A

Q – What is the procedure for taking advantage of the new higher loan amounts on 504 applications approved but not funded?

A – As a result of the Reauthorization’s increase in the maximum 504 loan amount, the CDC may wish to increase a loan. CDCs may do so only if: 1) the loan is not yet disbursed; and 2) it was approved on or after December 8, 2004.

Because the limits in effect at the time the loan was approved govern the loan, any loan approved prior to December 8, 2004 must be cancelled and resubmitted, with additional supporting project information, in order to take advantage of these legislative changes.

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