Small Business Freedom to Lend Act of 2005 - Directs the Administrator of the Small Business Administration (SBA) to establish a three-year pilot program to permit an eligible certified development company (CDC) to make loans (for small business development) in any state that is contiguous to its the state of incorporation. Makes eligible CDCs that are designated as either an accredited or premier certified lender under the Small Business Investment Act of 1958. Removes the requirement that such a CDC maintain, in each state in which it makes or intends to make loans, separate and distinct memberships, officers, boards of directors, and loan committees.
Amends the Small Business Investment Act of 1958 to allow an officer, director, or manager of one qualified state or local development company to serve as an officer, director, or manager of another qualified state or local development company.