FL H0925

Extends certification period from annual to 5 years for eligible Black Business Loan Program recipients, with recertification required every 5 years.

Allows existing recipients to submit financial statement compilations instead of full audits during years 1-4 of their recertification period; requires full audit in year 5 with 60-day cure period for material weaknesses.

Changes agreement terms from multi-year contracts to annual agreements not exceeding 1 year, with unexpended funds reported until expended but no reporting obligations beyond the 1-year term.

Increases allowable use of funds for technical support and direct administrative costs from 12 percent to 27 percent of funds received.

Modifies rule-making consultation requirement from "the board" to "presidents of the black business investment corporations."