; (ii) shall ensure that the training and technical assistance described in clause (i) is provided for free or at a low-cost; and (iii) may enter into a contract to provide the training or technical assistance described in clause (i) with an organization with expertise in lending under this subsection, mission-oriented lending, and lending to underserved markets. (K) Delegated authority A covered institution is not eligible to receive delegated authority from the Administration under the program until the covered institution makes not less than 7 loans under the program. (L) Regulations (i) In general Not later than 180 days after the date of enactment of this paragraph and in accordance with the notice and comment procedures under section 553 of title 5, United States Code, the Administrator shall promulgate regulations to carry out the program, which shall— (I) outline the requirements for participation by covered institutions in the program; (II) define performance metrics for covered institutions participating in the program for the first time, which are required to be met in order to continue participating in the program; (III) determine the credit score of a small business concern under which the Administration is required to underwrite a loan provided to the small business concern under the program and the loan may not be made using the delegated authority of a covered institution; (IV) require each covered institution that sells loans made under the program on the secondary market to establish a loan loss reserve fund, which— (aa) with respect to covered institutions in good standing, including the covered institutions described in subparagraph (F), shall be maintained at a level equal to 3 percent of the outstanding guaranteed portion of the loans; and (bb) with respect to any other covered institution, shall be maintained at a level equal to 5 percent of the outstanding guaranteed portion of the loans