C.F.R. » Title 13 » CHAPTER I—SMALL BUSINESS ADMINISTRATION › PART 120—BUSINESS LOANS › Subpart H—Development Company Loan Program (504)

13 C.F.R. § 120.871

Leasing part of Project Property to another business

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(a) The costs of interior finishing of space to be leased out to another business are not eligible Project costs.

(b) Third-party loan proceeds used to renovate the leased space do not count towards the 504 first mortgage requirement or the Borrower's contribution.