2.2-2293 - Loans to lenders; conditions.

§ 2.2-2293. Loans to lenders; conditions.

The Authority may make, and undertake commitments to make, loans to lendersunder terms and conditions requiring the proceeds thereof to be used by thelenders to make loans to eligible small businesses. Loan commitments oractual loans may be originated through and serviced by any such lender. As acondition to a lender's participating in the loan, the lender shall agree touse the proceeds of the loan within a reasonable period of time to make loansor purchase loans to provide to eligible small businesses, or finance theprojects of eligible small businesses, in the Commonwealth or, if the lenderhas made a commitment to make loans to eligible small businesses on the basisof a commitment from the Authority to purchase the loans, the lender shallmake the loans within a reasonable period of time.

(1984, c. 749, § 9-217; 2001, c. 844.)