{"data":{"id":"us/13-cfr-120.350","jurisdiction":"us","citation":"13 CFR 120.350","heading":"Policy.","body":"Section 7(a)(15) of the Act authorizes SBA to guarantee a loan to a:\n(a) Qualified employee trust (“ESOP”) to:\n(1) Help finance the growth of its employer's small business; or\n(2) Purchase ownership or voting control of the employer; and a\n(b) Small business concern, if the proceeds from the loan are only used to make a loan to a qualified employee trust that results in the qualified employee trust owning at least 51 percent of the small business concern.","path":["Title 13—Business Credit and Assistance","CHAPTER I—SMALL BUSINESS ADMINISTRATION","PART 120—BUSINESS LOANS","Subpart C—Special Purpose Loans"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-13.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:18Z","sha256":"75c5db0605bb675f3ef827a82f2de0cc8c06af55c24e55237208d05405a022e4","source_id":"us-cfr","stale":true,"prev":"us/13-cfr-120.349","next":"us/13-cfr-120.351"},"notice":"GroundRules: Original legal text. Not legal advice."}