1. (a) Minimum loan requirement. Intermediaries must close and fund the required number of microloans per year (October 1-September 30) as follows, except that an Intermediary entering the program will not be required to meet the minimum in that year:

   1. (1) For fiscal year 2015, four microloans,
   2. (2) For fiscal year 2016, six microloans,
   3. (3) For fiscal year 2017, eight microloans, and
   4. (4) For fiscal years 2018 and thereafter, ten microloans per year.
2. (b) Intermediaries that do not meet the minimum loan requirement are not eligible to receive new grant funding unless they submit a corrective action plan acceptable to SBA, in its discretion. Intermediaries that have submitted acceptable corrective action plans may receive a reduced grant at SBA's discretion.

[80 FR 34047, June 15, 2015]