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Code · CFR · Title 13 — Business Credit and Assistance · Part 120 — Business Loans · § 120.376

§ 120.376. Special requirements.

123 words·~1 min read·/us/cfr/t13/s§ 120.376·

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The following special conditions apply (otherwise, 7(a) loan eligibility criteria apply):
(a)The Associate Administrator for Business Development may waive the direct loan administrative ceiling of \$150,000, and raise it to \$750,000.
(b)The SBA portion of a guaranteed loan must not exceed \$750,000.
(c)The interest rate on a guaranteed loan shall be the same as on 7(a) guaranteed business loans. The interest rate on a direct loan shall be one percent less than on a regular direct loan.
(d)For a direct loan or SBA's portion of an immediate participation loan, SBA shall subordinate its security interest on all collateral to other debt of the applicant. \[61 FR 3235, Jan. 31, 1996, as amended at 74 FR 45753, Sept. 4, 2009\]
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