; or (ff) a community that has been designated as a promise zone by the Secretary of Housing and Urban Development; (II) for which more than 50 percent of the employees reside in a low- or moderate-income community; (III) that is a new business; or (IV) that is owned and controlled by veterans or spouses of veterans. (C) Establishment There is established a Community Advantage Loan Program under which the Administration may guarantee loans closed by covered institutions under this subsection, with an emphasis on loans made to small business concerns in underserved markets. (D) Program levels In fiscal year 2024 and each fiscal year thereafter, not more than 10 percent of the number of loans guaranteed under this subsection may be guaranteed under the program. (E) Grandfathering of existing lenders Any covered institution that was licensed by the Administrator as a Community Advantage small business lending company, or that participated in the Community Advantage Pilot Program of the Administration, during the period beginning on May 1, 2023, and ending on September 30, 2023, and was in good standing during that period, as determined by the Administration— (i) shall be designated as participants in the program; (ii) shall not be required to submit an application to participate in the program; and (iii) for the purpose of determining the loan loss reserve amount of the covered institution, shall have participation in the Community Advantage Pilot Program included in the calculation under subparagraph (J). (F) Requirement to make loans to underserved markets Not less than 60 percent of loans closed by a covered institution under the program shall consist of loans made to small business concerns in underserved markets. (G) Maximum loan amount