Allows the Small Business Administration to increase loan commitments to qualified State or local development companies.

The 504 Program Level Flexibility Act amends the Small Business Investment Act of 1958 to grant the Small Business Administration the authority to increase loan commitments to qualified State or local development companies. This authority can be exercised if the Administrator determines that the amount of commitments for a fiscal year could exceed the statutory limit. The Administrator must notify specified congressional committees 30 days before exercising this authority and may only do so once per fiscal year.

Allows the Small Business Administration to increase loan commitments to qualified State or local development companies.

The 504 Program Level Flexibility Act amends the Small Business Investment Act of 1958 to grant the Small Business Administration the authority to increase loan commitments to qualified State or local development companies. This authority can be exercised if the Administrator determines that the amount of commitments for a fiscal year could exceed the statutory limit. The Administrator must notify specified congressional committees 30 days before exercising this authority and may only do so once per fiscal year.