Cal. Code Regs. tit. 10 § 4016

Current through Register 2024 Notice Reg. No. 43, October 25, 2024

Section 4016 - Eligibility for a Guarantee to a Small Business

A Corporation shall only execute a Guarantee to a Small Business upon a finding of eligibility. A finding of eligibility shall include all of the following:

(a) The Borrower is the owner of a Small Business.

(b) At least 50 percent of the Borrower's revenue during the calendar year in which the Disaster occurred originated from locations in the Disaster Area.

(c) Loan proceeds will be used exclusively to fund Physical Damage and/or Economic Injury costs.

(d) Borrower is creditworthy.

(e) The Corporation determines that the Loan meets the requirements for available Small Business Administration Physical Disaster Loan or Economic Disaster Loan pursuant to 13 C.F.R. section 123, subparts C and D, and that the Borrower has submitted an Application to the Small Business Administration pursuant to these subparts.

Cal. Code Regs. Tit. 10, § 4016

1. Renumbering and amendment of former section 4014 to section 4016 filed 3-22-91 as an emergency; operative 3-22-91 (Register 91, No. 16). A Certificate of Compliance must be transmitted to OAL by 7-22-91 or emergency language will be repealed by operation of law on the following day.
2. Repealer and new section filed 3-19-92 as an emergency; operative 3-19-92 (Register 92, No. 15). A Certificate of Compliance must be transmitted to OAL 7-17-92 or emergency language will be repealed by operation of law on the following day.
3. Renumbering of former section 4016 to section 4616 and new section 4016 filed 6-2-92; operative 6-2-92 (Register 92, No. 24).
4. Amendment of subsections (b) and (e) and amendment of NOTE filed 7-7-2005; operative 7-7-2005 (Register 2005, No. 27).

Note: Authority cited: Section 14075(b), Corporations Code. Reference: Section 14075(a), Corporations Code; and Section 8684.2, Government Code.

1. Renumbering and amendment of former section 4014 to section 4016 filed 3-22-91 as an emergency; operative 3-22-91 (Register 91, No. 16). A Certificate of Compliance must be transmitted to OAL by 7-22-91 or emergency language will be repealed by operation of law on the following day.
2. Repealer and new section filed 3-19-92 as an emergency; operative 3-19-92 (Register 92, No. 15). A Certificate of Compliance must be transmitted to OAL 7-17-92 or emergency language will be repealed by operation of law on the following day.
3. Renumbering of former section 4016 to section 4616 and new section 4016 filed 6-2-92; operative 6-2-92 (Register 92, No. 24).
4. Amendment of subsections (b) and (e) and amendment of Note filed 7-7-2005; operative 7-7-2005 (Register 2005, No. 27).