Eligibility
Eligible Loan RecipientsGenerally 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 FactorsTo 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
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