Small Business Loans Combined

Question:

If my bank extends separate loans which in total exceed $1 million to a small business borrower, are those loans disqualfied from being reported as small business loans because combined they are more than $1 million?

Answer:

No, they are not disqualified from reportability. The size of the individual loan determines whether the $1 million dollar limit is exceeded. However, advances under a line of credit would not be reportable, even if each advance were less than $1 million, if the line itself exceeded $1 million.

Vendor:

GeoDataVision

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