15 U.S.C. § 6904

Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)

Section 6904 - Qualified organizations

For purposes of eligibility for assistance under this chapter, a qualified organization shall be-

(1) a nonprofit microenterprise development organization or program (or a group or collaborative thereof) that has a demonstrated record of delivering microenterprise services to disadvantaged entrepreneurs;

(2) an intermediary;

(3) a microenterprise development organization or program that is accountable to a local community, working in conjunction with a State or local government or Indian tribe; or

(4) an Indian tribe acting on its own, if the Indian tribe can certify that no private organization or program referred to in this paragraph exists within its jurisdiction.

15 U.S.C. § 6904

Pub. L. 103-325, title I, §175, as added Pub. L. 106-102, title VII, §725, Nov. 12, 1999, 113 Stat. 1473.

collaborative: The term "collaborative" means 2 or more nonprofit entities that agree to act jointly as a qualified organization under this chapter.
intermediary: The term "intermediary" means a private, nonprofit entity that seeks to serve microenterprise development organizations and programs as authorized under section 6904 of this title.
microenterprise development organization or program: The term "microenterprise development organization or program" means a nonprofit entity, or a program administered by such an entity, including community development corporations or other nonprofit development organizations and social service organizations, that provides services to disadvantaged entrepreneurs.
microenterprise: The term "microenterprise" means a sole proprietorship, partnership, or corporation that-(A) has fewer than 5 employees; and(B) generally lacks access to conventional loans, equity, or other banking services.