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Code · CFR · Title 13 — Business Credit and Assistance · Part 120 — Business Loans · § 120.212

§ 120.212. What limits are there on loan maturities?

129 words·~1 min read·/us/cfr/t13/s§ 120.212·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The term of a loan shall be:
(a)The shortest appropriate term, depending upon the Borrower's ability to repay;
(b)Ten years or less, unless it finances or refinances real estate or equipment with a useful life exceeding ten years. The term for a loan to finance equipment and/or leasehold improvements may include an additional reasonable period, not to exceed 12 months, when necessary to complete the installation of the equipment and/or complete the leasehold improvements.
(c)A maximum of 25 years, including extensions. (A portion of a loan used to acquire or improve real property may have a term of 25 years plus an additional period needed to complete the construction or improvements.) \[61 FR 3235, Jan. 31, 1996, as amended at 87 FR 38908, June 30, 2022\]
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