Ga. Comp. R. & Regs. R. 413-6-1-.03 - Definitions and Eligibility

(1) The definitions for purposes of this regulation are identical in all respects to the terms defined in (O.C.G.A. 50-34-2.);

(2) "Rural County", which is not defined in (O.C.G.A. 50-34-2), shall be defined using the most recent data and estimates from the U.S. Bureau of the Census to mean a county with a population less than 50,000 where 10% or more of the population lives in poverty.

(3) "Conditionally Eligible County", which is not defined in (O.C.G.A. 50-32-2), shall be defined using the most recent data and estimates from the U.S. Bureau of the Census to mean a county with a population less than 500,000 that shares a border with a Rural County.

(4) "Lender" (Lender, Recipient and eligible Applicant are used interchangeably throughout these regulations) means a state or federally charted bank or lending institution in good standing with the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund as well as the Georgia Department of Banking and Finance. The lender must have an established and demonstrated successful lending track record as documented by financial records and/or statements. Any organization meeting the above referenced definition is eligible to participate in the ESBD Loan Guarantee Program. The lending institution must have a physical location in Georgia.

(5) "Sub-Recipient." Eligible sub-recipients under this program shall include for-profit business enterprises that are properly organized which are located in an eligible rural county or other eligible county as defined above of the State of Georgia with financing needs for eligible activities of $35,000 to $250,000. Businesses engaged in whole or part in the activities listed under Section 413-6-1-.08 of these regulations or those that have outstanding state or federal tax liens outstanding at the time of application are not eligible for participation in the program.

Notes

Ga. Comp. R. & Regs. R. 413-6-1-.03

O.C.G.A. Sec. 50-34-1et seq.

Original grant description entitled "Definitions and Eligibility" submitted June 27, 2005. Submitted: Mar. 18, 2008.