13 CFR §120.612

1. (a)Pool Certificates are backed by the SBA guaranteed portions of loans comprising the Pool. An Individual Certificate is backed by the SBA guaranteed portion of a single loan. Any such loan must:
   1. (1)Be current as of the date the Pool is formed or the individual guaranteed portion of a loan is initially sold in the Secondary Market;
   2. (2)Be guaranteed under the Act; and
   3. (3)Meet such other standards as SBA may determine to be necessary for the successful operation of the Secondary Market program.
2. (b)The loans that back a Pool must meet the SBA requirements in effect at the time the Pool is formed.