Financings in the form of Debt Securities.

CFR · 2024-01-01 · US · Title 13

You may purchase Debt Securities from Small Businesses. (a) (b) (1) They participate in the Financing on a pari passu basis with you; or (2) SBA gives its prior written approval; or (3) The options received are compensation for service as a member of the board of directors of the Small Business, and such compensation does not exceed that paid to other outside directors. In the absence of such directors, fees must be reasonable when compared with amounts paid to outside directors of similar companies.

official document · source cfr-2024 · id 13:§ 107.815