SBA will notify the CDC in writing of an approval or decline of a PCLP application. If the SBA approves the CDC's application, the PCLP CDC may exercise its PCLP authority in its entire Area of Operations. However, if SBA deems it appropriate, it may confer PCLP status for a period of less than two years. If approved, SBA generally will confer PCLP status for a period of two years. EDF opted to use an Alternative Loan Loss Reserve that allowed it to use a risk-based approach instead of the 1 approach. The Standard Loan Loss Reserve is 1 of the original PCLP Loan balance. (5) Any other documentation required by SBA. A PCLP CDC’s Loan Loss Reserve Fund must be a deposit on account with a federally insured depository institution. (4) Documentation of any SBA required insurance. (3) Name, address and summary of experience of Designated Attorney. (2) Summary of the experience of each of the CDC's loan processing, closing, servicing and liquidation staff members with significant authority. (1) Certified copy of the CDC's Board of Directors' resolution authorizing the application for PCLP status. The application must include the following: (2) The CDC can adequately comply with SBA liquidation and litigation requirements. (1) The CDC must be an ALP CDC in substantial compliance with Loan Program Requirements or meet the criteria to be an ALP CDC set forth in § 120.841(a) through (h). In order for a CDC to be eligible to receive PCLP status, its application must show that it meets the following criteria: The PCLP Loan Processing Center will review these materials and forward them to the appropriate Office of Capital Access official in accordance with Delegations of Authority for final determination. The Lead SBA Office will send its written recommendation and the application to SBA's PCLP Loan Processing Center. A CDC must apply for PCLP status to the Lead SBA Office.
SBA also may give PCLP CDCs increased authority to litigate 504 loans. Under the PCLP, SBA designates qualified CDCs as PCLP CDCs and delegates to them increased authority to process, close, service, and liquidate 504 loans.
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