Definitions.

CFR · 2024-01-01 · US · Title 13

(i) An officer, director, key employee, or holder of 20 percent or more of the value of the ILP Intermediary or its debt instruments, or an agent involved in the loan process; (ii) Any entity in which one or more individuals referred to in paragraph (1)(i) of this definition or a Close Relative of any such individual owns or controls at least 20 percent; (2) An Associate of an Eligible Small Business Concern is: (i) An officer director, owner of more than 20 percent of the equity, or key employee of the Eligible Small Business Concern; (ii) Any entity in which one or more individuals referred to in paragraphs (2)(i) of this definition owns or controls at least 20 percent; and (iii) Any individual or entity in control of or controlled by the small business (except a Small Business Investment Company (SBIC) licensed by SBA). (3) For the purposes of this definition, the time during which an Associate relationship exists commences six months before the following dates and continues as long as the ILP Note or the loan to the Eligible Small Business Concern is outstanding: (i) For an ILP Intermediary, the date of the ILP Note; (ii) For an Eligible Small Business Concern, the date of the loan application to the ILP Intermediary.

official document · source cfr-2024 · id 13:§ 109.20