Community Development Loan

Posted By: New to CRA

Community Development Loan - 01/31/08 04:21 PM

Help!!! if we establish that a loan's purpose is community development, does it matter what the loan amount is? Can it be over ONE million dollars?

Would it make any difference if the gross annual revenues are ONE million or less (1) or over ONE million (2)??


Thanks in advance for your help.
Posted By: Mrs. Rizzo

Re: Community Development Loan - 01/31/08 04:40 PM

It can be over $1million, it just can't be a CDL if it qualifies for small business
Posted By: New to CRA

Re: Community Development Loan - 01/31/08 05:56 PM

but the fact that the loan amount is over ONE million, it would not qualify it as a Small Business Loan, correct??
Posted By: Mrs. Rizzo

Re: Community Development Loan - 01/31/08 06:20 PM

right