[Federal Register Volume 72, Number 247 (Thursday, December 27, 2007)]
[Page 73415]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-25102]



CommunityExpress Pilot Program

AGENCY: U.S. Small Business Administration (SBA).

ACTION: Notice of Pilot Program extension.


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]