appropriateness and reasonableness. 59.041 Certified Development Company Loans (504 Loans) 407 SMALL BUSINESS ADMINISTRATION AUTHORIZATION: Small Business Investment Act of 1958, as amended, Title V, Section 504 and 505, Public Law 85-699, 15 U.S.C. 696; Public Law 100-590. OBJECTIVES: To assist small business concerns by providing long- term, fixed-rate financing for fixed assets through the sale of debentures to private investors. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: Loans are to assist small businesses in the acquisition of land and buildings; the construction, expansion, renovation or modernization of buildings; or the acquisition and/or installation of machinery and equipment. Loans may have either a 10 or 20-year term. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Certified Development Companies (CDCs) package, close, and service these SBA-guaranteed loans to small businesses. A CDC must be incorporated under general State corporation statute, on a nonprofit basis, for the purpose of promoting economic growth in a particular area. Beneficiary Eligibility: Small businesses must be independently owned and operated for profit. More specific criteria defining a small business are established by the Small Business Administration. Refer to 59.012 for general eligibility requirements. Size standards can be those of 59.012 or
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