Title 13 Part 130 → §130.500

Title 13 → Chapter I → Part 130 → §130.500

Electronic Code of Federal Regulations e-CFR

Title 13 Part 130 → §130.500

e-CFR data is current as of August 15, 2019

Title 13Chapter IPart 130 → §130.500

Title 13: Business Credit and Assistance

§130.500   Funding.

The SBA funds Cooperative Agreements through its internal Letter of Credit Replacement System (LORS), using SBA standard forms to establish and modify letters of credit. SBDCs must use SBA standard forms to draw down funds required to meet their estimated or actual expenses and to submit quarterly cash transactions reports used by SBA to monitor the frequency of drawdowns and the cash-on-hand balance. Repeated drawdowns in excess of immediate cash needs may result in the cancellation of the letter of credit. If interest results from the deposit of any drawdowns in an interest-bearing account, SBDCs, other than State government sponsored SBDCs, must report and return such interest annually to SBA.