Source: https://www.law.cornell.edu/cfr/text/13/120.160
Timestamp: 2016-08-25 23:03:33
Document Index: 138713490

Matched Legal Cases: ['art 120', '§ 120', '§ 634', '§ 634', '§ 636', '§ 650', '§ 687', '§ 696', '§ 697']

13 CFR 120.160 - Loan conditions. | US Law | LII / Legal Information Institute
CFR › Title 13 › Chapter I › Part 120 › Subpart A › Section 120.160 13 CFR 120.160 - Loan conditions.
§ 120.160 Loan conditions.
The following requirements are normally required by SBA for all business loans: (a)
Personal guarantees. Holders of at least a 20 percent ownership interest generally must guarantee the loan. SBA, in its discretion, consulting with the Participating Lender, may require other appropriate individuals to guarantee the loan as well, except SBA will not require personal guarantees from those owning less than 5% ownership. (b)
SBA may require professional appraisals of the applicant's and principals' assets, a survey, or a feasibility study. (c)
SBA requires hazard insurance on all collateral. (d)
Taxes. The applicant may not use any of the proceeds to pay past-due Federal and state payroll taxes. This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 15 - COMMERCE AND TRADE§ 634 - General powers§ 634 note - General powers§ 636 - Additional powers§ 650 - Supervisory and enforcement authority for small business lending companies§ 687 - Operation and regulation of companies§ 696 - Loans for plant acquisition, construction, conversion and expansion§ 697 - Development company debentures