§ 120.350. Policy.
86 words·~1 min read·
/us/cfr/t13/s§ 120.350·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7(a)(15) of the Act authorizes SBA to guarantee a loan to a:
(a)Qualified employee trust ("ESOP") to:
(1)Help finance the growth of its employer's small business; or
(2)Purchase ownership or voting control of the employer; and a
(b)Small business concern, if the proceeds from the loan are only used to make a loan to a qualified employee trust that results in the qualified employee trust owning at least 51 percent of the small business concern. \[87 FR 38908, June 30, 2022\]