§ 685. Long-term loans to small-business concerns
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(a)Authorization Each company is authorized to make loans, in the manner and subject to the conditions described in this section, to incorporated and unincorporated small-business concerns in order to provide such concerns with funds needed for sound financing, growth, modernization, and expansion.
(b)Direct loans; loans on participation basis Loans made under this section may be made directly or in cooperation with other lenders, incorporated or unincorporated, through agreements to participate on an immediate or deferred basis.
(c)Maximum rate of interest The maximum rate of interest for the company’s share of any loan made under this section shall be determined by the Administration: Provided, That the Administration also shall permit those companies which have issued debentures pursuant to this chapter to charge a maximum rate of interest based upon the coupon rate of interest on the outstanding debentures, determined on an annual basis, plus such other expenses of the company as may be approved by the Administration.
(d)Maturity Any loan made under this section shall have a maturity not exceeding twenty years.
(e)Soundness of loan; security Any loan made under this section shall be of such sound value, or so secured, as reasonably to assure repayment.
(f)Extension or renewal Any company which has made a loan to a small-business concern under this section is authorized to extend the maturity of or renew such loan for additional periods, not exceeding ten years, if the company finds that such extension or renewal will aid in the orderly liquidation of such loan.
(Pub. L. 85–699, title III, § 305, Aug. 21, 1958, 72 Stat. 693; Pub. L. 87–341, § 6, Oct. 3, 1961, 75 Stat. 753; Pub. L. 94–305, title I, § 105, June 4, 1976, 90 Stat. 666; Pub. L. 102–366, title IV, § 411, Sept. 4, 1992, 106 Stat. 1018.)
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- Public Law 94–305To amend the Small Business Act and Small Business Investment Act of 1958 to provide additional assistance under such Acts, to create a pollution control financing program for small business, and for other purposes
- Public Law 102–366To amend the Small Business Act and related Acts to provide loan assistance to small business concerns, to extend certain demonstration programs relating to small business participation in Federal procurement, to modify certain Small Business Administration programs, to assist small firms to adjust
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- Pub. L. 85–699, title III, § 305
- 72 Stat. 693
- Pub. L. 87–341, § 6
- 75 Stat. 753
- Pub. L. 94–305, title I, § 105
- 90 Stat. 666
- Pub. L. 102–366, title IV, § 411
- 106 Stat. 1018
- Pub. L. 102–366
- Pub. L. 94–305
- Pub. L. 87–341
- section 418 of Pub. L. 102–366
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§ 685
Long-term loans to small-business concerns
Bills×2
Stat.×2
Stat. Comp.×1
Pub. L.Pub. L. 85–699, title III, § 305
Stat.72 Stat. 693
Pub. L.Pub. L. 87–341, § 6
Stat.75 Stat. 753
Pub. L.Pub. L. 94–305, title I, § 105
Cites 13 · showing 6Cited by 5 across 3 sources