§120.320. Policy.
13 C.F.R. § 120.320
Section 7(a)(11) of the Act authorizes SBA to guarantee or make direct loans to establish, preserve or strengthen small business concerns:
Located in an area having high unemployment according to the Department of Labor;
Located in an area in which a high percentage of individuals have a low income inadequate to satisfy basic family needs; and
More than 50 percent owned by low income individuals.
Notes, amendments, and revision history
Authority
Authority: 15 U.S.C. 634(b) (6), (b) (7), (b) (14), (h), and note, 636(a), (h) and (m), 650, 687(f), 696(3) and (7), and 697(a) and (e); sec. 521, Pub. L. 114-113, 129 Stat. 2242; sec. 328(a), Pub. L. 116-260, 134 Stat. 1182.
Source
Source: 61 FR 3235, Jan. 31, 1996, unless otherwise noted.