South Carolina Code of Regulations
Chapter 68 - SOUTH CAROLINA JOBS--ECONOMIC DEVELOPMENT AUTHORITY
68-25 - Loan Application Requirements.

Universal Citation: SC Code Regs 68-25

68-25. Loan Application Requirements.

A. All applicants under the Community Development Block Grant program will submit in their loan application to the Jobs-Economic Development Authority:

(1) Three years' prior financial statements for existing businesses; and

(2) Pro forma statements for the three succeeding years; and

(3) A non-refundable fee of $350.00.

B. Each application for assistance under the economic development bond program shall be accompanied by a $500.00 non-refundable application fee, which shall be credited toward the fee payable at closing. Prior to approval by the South Carolina Budget and Control Board of the issuance of bonds at public or private sale, the applicant shall have submitted the following:

(1) An investment letter from a financial institution in form acceptable to the Director of the Jobs-Economic Development Authority; or

(2) Evidence of a commitment from a financial institution or insurance company of a commitment to provide a letter of credit or bond insurance or other form of credit enhancement in form acceptable to the Director of the Jobs-Economic Development Authority; or

(3) Three years' prior financial statements for existing businesses or three years' pro formas and a feasibility study for new businesses, all in form acceptable to the Director of the Jobs-Economic Development Authority.

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