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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 13 - Business Credit and Assistance |
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Chapter I - Small Business Administration |
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Part 120 - Business Loans |
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Subpart C - Special Purpose Loans |
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Businesses Owned by Low Income Individuals |
§ 120.320 - Policy.
Latest version.
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§ 120.320 Policy.
Section 7(a)(11) of the Act authorizes SBA to guarantee or make direct loans to establish, preserve or strengthen small business concerns:
(a) Located in an area having high unemployment according to the Department of Labor;
(b) Located in an area in which a high percentage of individuals have a low income inadequate to satisfy basic family needs; and
(c) More than 50 percent owned by low income individuals.