§ 120.709. What is the Microloan Revolving Fund?
80 words·~1 min read·
/us/cfr/t13/s§ 120.709·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Microloan Revolving Fund ("MRF") is a Deposit Account into which an Intermediary must deposit the proceeds from SBA loans, its contributions from non-Federal sources, and payments from its Microloan borrowers. An Intermediary may only withdraw from this account the money needed to establish the Loan Loss Reserve Fund (§ 120.710), proceeds for each Microloan it makes, and any payments to be made to SBA. \[61 FR 3235, Jan. 31, 1996, as amended at 80 FR 34046, June 15, 2015\]