§696. Loans for plant acquisition, construction, conversion and expansion — Inbound Citations
15 U.S.C. § 696
Cited by 8 provisions in release 119-102.
Citations to 15 U.S.C. § 696 as a whole
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(1) The Administration is authorized to issue trust certificates representing ownership of all or a fractional part of the guaranteed portion of one or more loans which have been guaranteed by the Administration under this chapter, or under section 696 of this title: Provided, That such trust certificates shall be based on and backed by a trust or pool approved by the Administration and composed solely of the entire guaranteed portion of such loans.
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(i) the total number of loans made to employee-owned business concerns that were guaranteed by the Administrator under this subsection or section 502 of the Small Business Investment Act of 1958 (15 U.S.C. 696), including the number of loans made—(I) to small business concerns owned and controlled by socially and economically disadvantaged individuals; and(II) to cooperatives;
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(ii) the total number of financings made to employee-owned business concerns by companies licensed under section 301(c) of the Small Business Investment Act of 1958 (15 U.S.C. 696(c)) [15 U.S.C. 681(c)], including the number of financings made—(I) to small business concerns owned and controlled by socially and economically disadvantaged individuals; and(II) to cooperatives; and
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(1) such debenture is issued for the purpose of making one or more loans to small business concerns, the proceeds of which shall be used by such concern for the purposes set forth in section 696 of this title;
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(I) the outcome of the litigation may adversely affect the Administration’s management of the loan program established under section 696 of this title; or
Citations to §696(3)
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(3) With respect to the portion of any project derived from funds set forth in section 696(3) of this title, the Administration—(A) shall negotiate the elimination of any prepayment penalties or late fees on defaulted loans made prior to September 30, 1996;(B) shall not pay any prepayment penalty or late fee on the default based purchase of loans issued after September 30, 1996; and(C) for any project financed after September 30, 1996, shall not pay any default interest rate higher than the interest rate on the note prior to the date of default.
Citations to §696(3)(B)(i)
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(2) The Administration shall collect a one-time fee in an amount equal to 50 basis points on the total participation in any project of any institution described in subclause (I), (II), or (III) of section 696(3)(B)(i) of this title. Such fee shall be imposed only when the participation of the institution will occupy a senior credit position to that of the development company. All proceeds of the fee shall be used to offset the cost (as that term is defined in section 661a of title 2) to the Administration of making guarantees under subsection (a).