120.320—Policy.
Section 7(a)(11) of the Act authorizes SBA to guarantee or make direct loans to establish, preserve or strengthen small business concerns:
(a)
Located in an area having high unemployment according to the Department of Labor;
(b)
Located in an area in which a high percentage of individuals have a low income inadequate to satisfy basic family needs; and
(c)
More than 50 percent owned by low income individuals.