; or (CC) as described in clause (ii) of paragraph (2)(G), if the balance of the financing outstanding at the time of the disbursement of the loan is as described in that clause. (dd) Requirements to make loans in certain amounts Not less than 60 percent of loans closed by each experienced lender under the program shall consist of loans in an amount that is not more than $350,000. (ii) Collateral (I) In general A covered institution shall not be required to take collateral with respect to a loan guaranteed under the program if the amount of that loan is not more than $50,000. (II) Policies and procedures of covered institution In determining the amount of collateral required with respect to a loan guaranteed under the program, a covered institution may use the collateral policies and procedures of the covered institution with respect to similarly sized commercial loans closed by the covered institution that are not guaranteed by the Administration. (H) Interest rates The maximum allowable interest rate prescribed by the Administration on any financing made on a deferred basis pursuant to the program shall not exceed the maximum allowable interest rate under sections 120.213 and 120.214 of title 13, Code of Federal Regulations, or any successor regulations. (I) Refinancing of Community Advantage program loans A loan guaranteed under the program or guaranteed under the Community Advantage Pilot Program of the Administration may be refinanced into another 7(a) loan made by a lender that does not participate in the program. (J) Loan loss reserve requirements (i) Loan loss reserve account for covered institutions A covered institution— (I) with not more than 5 years of participation in the program shall maintain a loan loss reserve account with an amount equal to 5 percent of the outstanding amount of the unguaranteed portion of the loan portfolio of the covered institution under the program