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15 U.S.C. 634(b)(6), (b)(7), and 636(l).
76 FR 18015, Apr. 1, 2011, unless otherwise noted.
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(a) An Eligible Small Business Concern may only use the proceeds of a loan under this program for the following purposes:
(1) Working capital;
(2) Real estate (except for real estate acquired and held primarily for sale, lease, or investment); and
(3) The acquisition of materials, supplies, furniture, fixtures, or equipment.
(b) Revolving lines of credit are permitted. However, if, at any time, SBA determines that the ILP Intermediary's operation of revolving lines of credit is causing excessive risk of loss for the intermediary or the Government, the AA/CA or designee may terminate the ILP Intermediary's authority to use the ILP Relending Fund proceeds for revolving lines of credit. Such termination will be by written notice and will prevent the ILP Intermediary from approving any new lines of credit or extending any existing revolving lines of credit beyond the effective date of termination contained in the notice.