Definitions.

CFR · 2024-01-01 · US · Title 13

The following terms have the same meaning wherever they are used in this part. Defined terms are capitalized wherever they appear. (i) An officer, director, key employee, or holder of 20 percent or more of the value of the Lender's or CDC's stock or debt instruments, or an agent involved in the loan process; or (ii) Any entity in which one or more individuals referred to in paragraphs (1)(i) of this definition or a Close Relative of any such individual owns or controls at least 20 percent. (2) An Associate of a small business is: (i) An officer, director, owner of more than 20 percent of the equity, or key employee of the small business; (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 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 certification, participation agreement, or loan is outstanding: (i) For a CDC, the date of certification by SBA; (ii) For a Lender, the date of application for a loan guarantee on behalf of an applicant; or (iii) For a small business, the date of the loan application to SBA, the CDC, the Intermediary, or the Lender.

official document · source cfr-2024 · id 13:§ 120.10