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504 Program Changes

Will Mean More Qualified

Applicants; Bigger Deals


The SBA issued Proposed Rule changes to both the 504 and 7(a) Loan Programs last February. With the comment period long closed, CIC anticipates the agency will release the Final Rules sometime in the next 60-days to coincide with the release of the latest version of the Processing SOP.  

Among the changes we expect will make the Final Rules:

  • Elimination of the Personal Resources Test: Ends the requirement that individuals with substantial liquid assets inject excess liquidity into 504 Projects.  We look forward to working with your best borrowers!
  • Elimination of the 9 Month Look Back Rule: Allows a Borrower to include all cost directly associated with a Project regardless of when the costs were incurred.  We look forward to capturing more pre-development and development costs into our 504 Projects (many of which are pre-paid by our Borrowers and can count towards equity).
  • Simplification of the Affiliation Rules For Determining Size: Affiliation based on identity of interest; new entities and joint ventures will be eliminated.  Ownership control will follow a 50% rule.  Less hoops means less paper chase!


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Contact Us


Connect with Enrique

203.776.6172 ext 132
[email protected]

Connect with Gary

203.776.6172 ext 124
[email protected]

CIC is an economic development lender contributing financial expertise and practical guidance to small business entrepreneurs in Connecticut and Rhode Island who have powerful ideas and need more power to grow them.