6 Miss. Code. R. 1-6.4 - When Not Available
FSLP loans are not available under the following circumstances:
A. To pay off existing
debt for consolidation purposes;
B.
If the direct or indirect purpose or result would be to pay off creditors of
applicants who are inadequately secured or in a position to sustain a
loss;
C. If the assistance would,
directly or indirectly, provide or replenish funds for payment, distribution,
or as a loan to owners, partners, or stockholders of the applicant and would
not change the ownership interest of the business;
D. A charitable institution or nonprofit
enterprise;
E. A newspaper,
magazine, radio, television broadcasting company, or similar enterprise through
which editorial opinions are expressed; or
F. Entities engaged in the business of
lending, directly or indirectly.
The FSLP is designed to provide permanent financing and may not be used for interim financing of building construction and/or rehabilitation of commercial property.
Notes
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No prior version found.