Beneficiary Eligibility: Small businesses, minority entrepreneurs, nonprofit entities, business owners, women and low- income, and other individuals possessing the capability to operate successful business concerns. Credentials/Documentation: An entity may apply to SBA to become an Intermediary lender. A small business may apply to an intermediary for a microloan. Small business seeking funding must: 1) Meet SBA size standard requirements as defined in Chapter 13 of the U.S. Code of Federal Regulations; 2) meet type of business requirements as published by SBA; and 3) meet lending requirements of local intermediary lenders. APPLICATION AND AWARD PROCESS: Preapplication Coordination: None. This program is excluded from coverage under E.O. 12372. Application Procedure: Microloan Borrowers: Apply directly to intermediary lenders. Intermediary Lenders: Apply to the SBA Office of Financial Assistance prior to deadlines and according to established procedures. Award Procedure: Intermediaries are notified by SBA. Microborrowers are notified by the intermediaries. Deadlines: Not applicable. Range of Approval/Disapproval Time: Loan applicants can expect an answer from the SBA approved intermediary lender within 15 days from the date of application acceptance. Appeals: Decisions on the part of the SBA are final. SBA will not become involved in appeals by microborrowers to intermediary lenders except in the
|
