Secondary Market Lending Authority
The Small Business Administration maintains and strengthens the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters.
Program Accomplishments
Not Applicable.
Uses and Use Restrictions
Make direct loans to secondary market broker dealers to finance their inventory of SBA guaranteed loans for resale in the secondary market.
The Administrator shall establish by rule a process under which Systematically Important SBA Secondary Market Broker-Dealers designated may apply for loans under this program.
Regulations are to proulgated regarding administration of this program.
Direct loans.
Eligibility Requirements
Applicant Eligibility
Profit organization: Business/Commerce
Beneficiary Eligibility
Small business
Credentials/Documentation
No Credentials or documentation are required. This program is excluded from coverage under OMB Circular No. A-87.
Aplication and Award Process
Preapplication Coordination
Preapplication coordination is not applicable.
Environmental impact information is not required for this program.
This program is excluded from coverage under E.O.
12372.
Application Procedures
This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. SBA will issue a rule which will outline process for making decisions regarding whether or not to extend a loan applied under this program. The rule is to include provisions to assure that loan is for sole purpose of financing the inventory of the government guaranteed portion f loans, originated, underwritten, and closed under the SBA of pools of such loans, loans are fully collateralized, that there is no limit to frequency in which borrower may apply under this program unless otherwise identified, and that there is no limit on the size of the loan.
Award Procedures
SBA will issue a rule which will outline process for making decisions regarding whether or not to extend a loan applied under this program.
Deadlines
Not Applicable.
Authorization
American Recovery and Reinvestment Act of 2009, Public Law 111-5.
Range of Approval/Disapproval Time
Not Applicable.
Appeals
Not Applicable.
Renewals
Not Applicable.
Assistance Considerations
Formula and Matching Requirements
This program has no statutory formula.This program has no matching requirements. This program does not have MOE requirements.
Length and Time Phasing of Assistance
The authority for this program remains in effect for two years after date of enactment of the ARRA or until February 16, 2011. See the following for information on how assistance is awarded/released: Upon processing of application.
Post Assistance Requirements
Reports
Audits
No audits are required for this program.
Records
No Data Available.
Financial Information
Account Identification
73-1156-0-1-376.
Obigations
(Direct Loans) FY 08 not reported.; FY 09 est $0; FY 10 est $0 - Zero subsidy cost for this program.
Range and Average of Financial Assistance
No limit to size of loan, subject to discretion of Administrator.
Regulations, Guidelines, and Literature
Not Applicable.
Information Contacts
Regional or Local Office
None.
Headquarters Office
David Lippold 409 3rd. Street, S.W, Suite 6000, Washington 20416 Email: david.lippold@sba.gov Phone: 202-205-6569
Criteria for Selecting Proposals
Not Applicable.
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