{"data":{"id":"us/13-cfr-120.705","jurisdiction":"us","citation":"13 CFR 120.705","heading":"What is a Specialized Intermediary?","body":"At the end of an Intermediary's first year of participation in the program, SBA will determine whether it qualifies as a Specialized Intermediary. An Intermediary qualifies as a Specialized Intermediary if it maintains a portfolio of Microloans averaging $10,000 or less. Specialized Intermediaries qualify for more favorable interest rates on SBA loans. If, after the first year, an Intermediary qualifies as a Specialized Intermediary, the special interest rate is applied retroactively to SBA loans made to the Intermediary. After the first year SBA will determine an Intermediary's qualifications as a Specialized Intermediary annually, based on its lending practices during the term of its participation in the program. Specialized Intermediaries also qualify for a greater amount of technical assistance grant funding.","path":["Title 13—Business Credit and Assistance","CHAPTER I—SMALL BUSINESS ADMINISTRATION","PART 120—BUSINESS LOANS","Subpart G—Microloan Program"],"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":"94a7285847bd568b16f1dde6205f47db2f2aedca0441af18c0189bc7d53b8805","source_id":"us-cfr","stale":true,"prev":"us/13-cfr-120.704","next":"us/13-cfr-120.706"},"notice":"GroundRules: Original legal text. Not legal advice."}