Premier Certified Lenders Program Improvement Act of 2004

Premier Certified Lenders Program Improvement Act of 2003 - Amends the Small Business Investment Act of 1958 to direct the Administrator of the Small Business Administration (SBA) to allow a certified development company to withdraw from its loss reserve amounts in excess of one percent of the aggregate outstanding balances of debentures to which such loss reserve relates (with an exception).

Makes loss reserve requirements of lenders under the premier certified lenders (PCL) program inapplicable to PCLs that ensure that the amount of their loss reserve is: (1) not less than $100,000; and (2) sufficient, as determined by an independent auditor, for the PCL to meet its obligations to protect the Federal Government from risk of loss. Designates such PCLs as qualified high loss reserve PCLs. Requires such PCLs to certify quarterly to the SBA Administrator as to the sufficiency of such reserves. Requires: (1) the Administrator to allow the qualified high loss reserve PCL to withdraw funds in excess of the required reserve; (2) PCL recontribution when the reserve does not meet such minimum requirements; and (3) the PCL to meet specified SBA risk management benchmarks when not qualified as a high loss reserve PCL.

Establishes in the SBA the Bureau of PCLP Oversight to carry out PCL Program functions designated by the Administrator.

Increases the reimbursement required from a PCL to the Administrator for losses sustained by the SBA as a result of PCL default on debentures issued by the PCL and guaranteed by the SBA during any period in which the PCL elects to operate under the alternative loss reserve requirements of this Act to 15 percent of the total principal and interest on such debentures. (Currently, ten percent reimbursement is required when a PCL is operating under normal loss reserve requirements.)

Directs the Administrator to contract with either a Federal agency experienced in community development lending and financial regulation or a member of the Federal Financial Institutions Examination Council to study and prepare a report regarding: (1) the extent to which statutory requirements have caused overcapitalization in the loss reserves maintained by certified PCLs participating in the PCL Program; and (2) alternatives for establishing and maintaining loss reserves sufficient to protect the Federal Government from the risk of loss associated with loans guaranteed under the Program. Requires the report to be transmitted to the congressional small business committees.