Each SBA 504 Loan that is approved must be closed with the assistance of an attorney who provides the mandatory opinion of CDC counsel. Any licensed attorney can close an SBA 504 Loan. The SBA, however, in an effort to speed up the review of 504 loan closings, instituted the expedited closing procedure for closing attorneys to build expertise, receive training and become prequalified to submit loans to their SBA District Counsel. The attorneys who complete the procedure are approved as "SBA 504 Designated Attorneys."
SBA outlines the requirements for attorneys interested in becoming "Designated Attorneys" in SOP 50-10(5).
Click here to review the requirements beginning on page 68.
NADCO presents the SBA-approved training courses that are required for Designated Attorneys. Regardless of whether an attorney wishes to become a Designated Attorney or not, the training is helpful for all attorneys and their staff, as well as CDC personnel handling SBA 504 loan closings.
504 Loan Closing Course
The three-day 504 Loan Closing course must be attended in its entirety by anyone wishing to become an SBA 504 Designated Attorney.
504 Loan Closing Update Course
The one-day 504 Loan Closing Update course must be taken by Designated Attorneys every two calendar years to insure that the Attorney remains curent on legislative or regulatory changes to the 504 Loan closing process.
At the conclusion of each of the courses, NADCO forwards a list of participants to the SBA to update their records.
NADCO always offers a full series of training classes in the spring in conjunction with NADCO's Annual Meeting - usually in late April or early May. There is also a fall training series that is normally scheduled in late October or early November. If needed, a summer training session is also scheduled. Please visit our Events/Calendar to view up-coming training opportunities.
For any additional information on NADCO training, please call (703) 748-2575.
Benefits of NADCO Membership:
NADCO encourages all Designated Attorneys and those interested in becoming designated, to join NADCO. We provide a wealth of information to members including sample forms that can be downloaded from this website, modified and used for closing SBA 504 loans. We also provide a listing of attorneys who are NADCO members as a resource for CDCs.
NADCO keeps members informed of any legislative or regulatory changes affecting the SBA 504 industry and notifies members immediately when requirements change in packaging, closing and servicing loans via Technical Issues Memos. Membership also entitles members to attend training and meetings at a reduced fee. Annual dues are only $300.00 and begin with our fiscal year on October 1.
