§ 120.703. How does an organization apply to become an Intermediary?
165 words·~1 min read·
/us/cfr/t13/s§ 120.703·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Application Process. Organizations interested in becoming Intermediaries should contact SBA for information on the application process.
(b)Documentation in support of application. The application must include a detailed narrative statement describing:
(1)The types of businesses assisted in the past and those the applicant intends to assist with Microloans;
(2)The average size of the loans made in the past and the average size of intended Microloans;
(3)The extent to which the applicant will make Microloans to small businesses in rural areas;
(4)The geographic area in which the applicant intends to operate, including a description of the economic and demographic conditions existing in the intended area of operations;
(5)The availability and cost of obtaining credit for small businesses in the area;
(6)The applicant's experience and qualifications in providing marketing, management, and technical assistance to small businesses; and
(7)Any plan to use other technical assistance resources (such as counselors from the Service Corps of Retired Executives) to help Microloan borrowers.