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-.06 - Awarding of Funds
Current through Rules and Regulations filed through September 23, 2024
(1) Grant limits will be set at no more than $200,000 per eligible subrecipient or 50% of project cost, whichever is less. These limits may be waived upon recommendation of the Commissioner of Community Affairs if allowed by the Code, Guidelines, or Plan and Policies.
(2) Once selected for funding, grant funds will be made available by the department through a commitment letter incorporating by reference the approved project and subrecipient, adding any special conditions that may be necessary or appropriate. As part of the award special conditions, subrecipients must file a report on the number of jobs created and/or retained and on the business performance of the subrecipient, in a format prescribed by the department, for future use by the department.
(3) The department may approve a grant subject to certain special conditions that will be incorporated into the commitment letter and loan agreement. Because of the limited amount of funds available, the department may also award an amount less than the amount requested in the application. Applicants will have up to one hundred and twenty (120) days from the date of award to accept the award. The department reserves the right to shorten or lengthen this period depending upon project requirements and on other factors. If the applicant or subrecipient fails to accept the award and special conditions within the required period, the department may unilaterally withdraw the award.
O.C.G.A. Sec. 50-8-8.
