504 Loan Program Modernization Act of 2006

[AI summary unavailable — showing source text] 504 Loan Program Modernization Act of 2006 - Amends the Small Business Act to extend through FY2009 the authorization of appropriations for the 504 Loan Program (a program initiated under title V of the Small Business Investment Act of 1958 that provides long-term financing to small businesses for expansion or modernization, delivered through nonprofit certified development companies (CDCs) established in the communities of such small businesses). Amends the Small Business Investment Act of 1958 to outline requirements for development companies to qualify as CDCs for purposes of small business loans guaranteed by and administered through the Small Business Administration (SBA). Includes among such requirements that such companies: (1) employ fewer than 500 employees; (2) have a primary function of providing long-term financing to small businesses under the 504 Loan Program; and (3) maintain nonprofit status. Outlines additional requirements concerning board of directors, staffing, areas of operations (including multistate operation), and conflicts of interests. Includes as a goal of CDC projects the expansion of business in low-income communities. Provides for, among other things: …