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New language is added on liquidation of preferences. Following are highlights of some of the 504 program policy changes.

If the owner of 20% or more of the Small Business Applicant is a Trust, then the Trust must guarantee the 504 Loan, with the Trustee executing the Guarantee and providing the trust certifications required by the Eligible Passive Company (EPC) Rule.A loan used to finance the purchase of assets intended to be sold within a short period of time.For example, a company may use a self-liquidating loan to pay for its inventory, which it intends to quickly sell.Convenience store franchise agreements, if any, are added to the Relevant Documents that must be reviewed for Gas Station Loans.If the Small Business Applicant is owned by a Trust, then the rule on utilization of personal resources applies to the Trustor, including all donors to the Trust.Third Party Loans may use interest rate swap contracts as long as six conditions are met: (1) the swap contract is an agreement between the borrower and lender/swap seller, and the SBA is not a party to it; (2) the SBA will not review swap contracts or provide guidelines on their use; (3) swap contracts may be used on new or existing Third Party Loans; (4) the swap contract does not have to be for the entire term of the Third Party Loan; (5) the SBA does not have a standard form of swap contract; and (6) any fees owed the swap counterparty as a result of default by the borrower will be subordinate to the SBA 504 loan as a “default charge.” In all cases the Franchise/License/Dealer/Jobber or similar agreement, including all amendments and/or addenda, must be executed by all parties prior to submission of the closing package to the SBA.

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