[Federal Register Volume 71, Number 99 (Tuesday, May 23, 2006)]
[Notices]
[Page 29703]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-7809]


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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 December 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 December 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 December 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. E6-7809 Filed 5-22-06; 8:45 am]
BILLING CODE 8025-01-P