Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-18 - APPALACHIAN REGIONAL COMMISSION BUSINESS DEVELOPMENT REVOLVING LOAN FUND
Subject 110-18-1 - APPALACHIAN REGIONAL COMMISSION BUSINESS DEVELOPMENT REVOLVING LOAN FUND
Rule 110-18-1-.04 - Eligible Activities
Current through Rules and Regulations filed through September 23, 2024
(1) All applicants and eligible subrecipients must submit an application to the department in a format prescribed by the department. Applicants and eligible subrecipients must demonstrate that they have a viable economic development project and clearly identify the proposed use of the funding. Eligible uses of funds include economic development projects such as, but not limited to, site acquisition and development; construction projects; capital outlay projects; purchase or lease of equipment or other assets; project operating expenses; or any other economic development and business assistance activity or purpose identified in the Code, Guidelines, Plan and Policies, and O.C.G.A. 50-8-8.
(2) The only eligible mechanism for making funds available under this program is:
(3) RLF funds may only be used by an eligible subrecipient for projects involving privately used land, buildings, machinery and equipment, or other private assets. RLF funds may only be used by Authorities as loans to eligible subrecipients. It is important to note that the department may require the applicant to recapture some or all of the RLF loan to an eligible subrecipient upon any event that violates any loan agreement, other loan documents, state law, the public purpose of the RLF, or the Code, Guidelines, or Plan and Policies. The department may require the applicant to change the interest rate on an RLF loan to an eligible subrecipient in accord with customary private banking requirements upon any event that violates any loan agreement, other loan documents, state law, the public purpose of the RLF, or the Code, Guidelines, or Plan and Policies. All recaptured funds must be returned to the department.
O.C.G.A. Sec. 50-8-8.
