La. Admin. Code tit. 19, § VII-307 - Eligibility/Ineligibility for Participation in This Program
A. Except as may be hereinafter provided, all
of the provisions contained in
§107 of Chapter 1 of the Small Business
Loan and Guaranty Program shall also apply to this Chapter 3 program (except
that loan participations will not be utilized in this Chapter 3
program).
B. In addition to the
eligibility and ineligibility provisions provided in the Section mentioned in
the above Subsection A, applicant/borrowers and loans, lines of credit and loan
guarantees in connection with this Chapter 3 program shall meet the following
criteria:
1. the applicant/borrower(s) shall
employ 500 employees or less at the time the loan is enrolled in this
program;
2. this credit support
shall not be extended to applicant/borrower(s) that have more than 750
employees;
3. any loan supported in
this program shall not exceed a principal amount of $5,000,000;
4. any credit extended through this program
shall not exceed a principal amount of $20,000,000;
5. SSBCI funds utilized in this Chapter 3
program will be permitted only for new extensions of credit; that is, funds of
the SSBCI Program shall not be used to support existing extensions of credit,
including but not limited to prior loans, lines of credit or other borrowing,
that were previously made available as part of a state small business credit
enhancement program; and
6. Small
Business Administration (SBA) guaranteed loans shall not be purchased in loan
participations through this program.
Notes
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