Eligible Small Business Concerns.

CFR · 2024-01-01 · US · Title 13

(a) To be eligible to receive loans from an ILP Intermediary under this program, a small business must: (1) Be organized for profit; (2) Be located in the U.S.; (3) Be small under the size requirements applicable to 7(a) business loans (including Affiliates); (4) Be a startup, newly established, or growing small business; (5) Together with Affiliates and principal owners, not have credit elsewhere; and (6) Be creditworthy and demonstrate reasonable assurance of repayment of the loan. (b) The following types of businesses are not eligible to receive a loan from an ILP Intermediary under this program: (1) Nonprofit businesses (for-profit subsidiaries are eligible); (2) Financial businesses primarily engaged in the business of lending; (3) Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds; (4) Life insurance companies; (5) Businesses located in a foreign country; (6) Pyramid sale distribution plans; (7) Businesses deriving more than one-third of gross annual revenue from legal gambling activities; (8) Businesses engaged in any illegal activity; (9) Private clubs and businesses which limit the number of memberships for reasons other than capacity; (10) Government-owned entities (except for businesses owned or controlled by a Native American tribe); (11) Businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religio

official document · source cfr-2024 · id 13:§ 109.400