![]() Improvements and fixes are needed in the 504 program, which appears to have been languishing for several years (circa 2010). This really hinders the CDC’s ability to tackle new projects for continued growth in the 504 loan program. Even certain 7a lenders are not controlled to this extent regarding hires and fingerprinting requirements. OCRM’s control who we can hire and require fingerprints for everyone involved with a CDC. It is becoming way too difficult to manage. OCRM’s have control of everything from the number of required board members, the way annual reports must be written and other assorted internal policies. Governance and regulations for CDC’s has become too much to handle. Here are some of your responses from our poll several weeks ago: SBA Hot Topic Tuesday - What Is the One Thing You Would Change in the SBA 504 Loan Program?
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