[Code of Federal Regulations]

[Title 13, Volume 1]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 13CFR123.12]



[Page 346]

 

                TITLE 13--BUSINESS CREDIT AND ASSISTANCE

 

                CHAPTER I--SMALL BUSINESS ADMINISTRATION

 

PART 123_DISASTER LOAN PROGRAM--Table of Contents

 

                           Subpart A_Overview

 

Sec. 123.12  Are books and records required?



    You must retain complete records of all transactions financed with 

your SBA loan proceeds, including copies of all contracts and receipts, 

for a period of 3 years after you receive your final disbursement of 

loan proceeds. If you have a physical disaster business or economic 

injury loan, you must also maintain current and accurate books of 

account, including financial and operating statements, insurance 

policies, and tax returns. You must retain applicable books and records 

for 3 years after your loan matures including any extensions, or from 

the date when your loan is paid in full, whichever occurs first. You 

must make available to SBA or other authorized government personnel upon 

request all such books and records for inspection, audit, and 

reproduction during normal business hours and you must also permit SBA 

and any participating financial institution to inspect and appraise your 

assets. (OMB Approval No. 3245-0110.)