Eligible Loan Recipients
Generally any for-profit corporation, partnership, or sole proprietorship are eligible. This description shall include, but is not limited to the following:
  • Credit worthy, commercial, and industrial property owners or tenants who are able to document the need for ARCEDLF or Re-Captured UDAG Funds
  • For-profit institutions, excluding religious or religious sponsored institutions
  • Start-ups of small businesses with a minimum of 20% cash equity injection
Qualifying Factors
To qualify for a loan, the applicant/s must:
  • Be a HUD-eligible activity 
  • Create new permanent, full-time jobs for low, and moderate income persons
  • Evidence a financing gap (need for financing)
  • Demonstrate ability to repay as agreed
  • Have a good personal and business credit history
  • Possess good character 
  • Show the ability to successfully operate a business 
  • Not have local, state, or federal tax liens or back taxes due 
  • Provide sufficient collateral to protect the interest of Augusta-Richmond County