§ 109.100. ILP Intermediary eligibility and continuing participation requirements.
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/us/cfr/t13/s§ 109.100·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Organization type: An ILP Intermediary must be a private, nonprofit entity other than an intermediary participating in the SBA Microloan program as described in subpart G of Part 120. Eligible entities include:
(1)Private, nonprofit community development corporations;
(2)Consortiums of private, nonprofit organizations or nonprofit community development corporations; and
(3)Agencies of or nonprofit entities established by Native American tribal governments.
(b)Prior experience: An ILP Intermediary must have at least one year of successful experience making and servicing loans to startup, newly established, or growing small businesses.
(c)Management and operations.
(1)An ILP Intermediary must have paid staff with loan making and servicing experience acceptable to SBA.
(2)An ILP Intermediary must have a continuing ability to evaluate, process, close, disburse, service and liquidate small business loans including, but not limited to:
(i)Holding sufficient permanent capital (as determined by SBA) to support lending activities under this program; and
(ii)Maintaining satisfactory SBA performance, as determined by SBA in its discretion.
(3)An ILP Intermediary must meet and maintain the ethical requirements of 13 CFR 120.140.
(4)An ILP Intermediary (and any Affiliates) that participates in other SBA programs must be in compliance with those program requirements.
(5)An ILP Intermediary must be in good standing with its Federal and/or State regulator, as applicable.
(6)An ILP Intermediary must have the ability to comply with the ILP Program Requirements, including reporting requirements, as such requirements are revised from time to time, and maintain compliance with ILP Program Requirements for as long as the ILP Intermediary participates in the ILP program.
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§ 109.100
ILP Intermediary eligibility and continuing participation requirements.
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