Revocation.

Revocation. SBA may revoke an Intermediary's authority to participate in the Microloan Program which may include, but is not limited to:
(1) Removal from the program;
(2) Liquidation of the Intermediary's MRF and LLRF accounts by SBA, and application of the liquidated funds to any outstanding balance owed to SBA;
(3) Payment of outstanding debt to SBA by the Intermediary;
(4) Forfeiture or repayment of any unused grant funds by the Intermediary;
(5) Debarment of the organization from receipt of Federal funds until loan and grant repayments are met; and
(6) Surrender of possession of Intermediary's SBA microloan portfolio to SBA, with the microloan portfolio and all associated rights transferred on a permanent basis to SBA, in accordance with SBA's rights as a secured creditor.

Source

13 CFR § 120.1540


Scoping language

None
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