To be eligible for an SBA business loan, a small business applicant must:
(a) Be an operating business (except for loans to Eligible Passive Companies);
(b) Be organized for profit;
(c) Be located in the United States;
(d) Be small under the size requirements of part 121 of this chapter (including affiliates). See subpart H of this part for the size standards of part 121 of this chapter which apply only to 504 loans; and
(e) Be able to demonstrate a need for the desired credit.
authority: 15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182
source: 61 FR 3235, Jan. 31, 1996, unless otherwise noted.
cite as: 13 CFR 120.100