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The 504 Program Level Flexibility Act proposes an amendment to the Small Business Investment Act of 1958. It grants the Administrator of the Small Business Administration (SBA) the authority to increase the total amount of loan commitments guaranteed under the 504 loan program by up to 15% above the existing statutory or appropriated limits for each fiscal year starting in 2027. This program supports qualified state or local development companies that provide financing to small businesses for major fixed assets like real estate or equipment. The bill requires the SBA Administrator to notify specific Congressional committees at least 30 days before exercising this increased commitment authority and limits the use of this authority to once per fiscal year. This flexibility aims to help meet higher demand for 504 loans without needing immediate new legislation or appropriations. The practical effect could be increased access to long-term, fixed-asset financing for small businesses, potentially supporting economic growth and job creation. However, it also raises considerations about managing risk and ensuring oversight since it allows commitments beyond previously set limits.