Ga. Comp. R. & Regs. 413-3-.08

Current through Rules and Regulations filed through October 29, 2024

Rule 413-3-.08 - Awarding of Grant Funds

1. Business Growth Fund grants are limited to $500,000 per project. The Executive Director of the Authority may waive this limit under exceptional circumstances.

2. Applications will be considered for funding when the project takes place in a Tier 1 or Tier 2 county.

3. Applications from Tier 3 applicants will also be considered where those counties:

a) Share a border with a Tier 1 or Tier 2 county; and

b) Are part of a project that has been endorsed in writing by a neighboring Tier 1 or Tier 2 county; and

c) Can demonstrate a significant economic benefit to a neighboring Tier 1 or Tier 2 county through regional impact, revenue sharing or other evidence of regionalism.

4. Once selected for funding, grant funds will be made available by the Authority through an award contract incorporating by reference the approved final application and adding any special conditions that may be necessary or appropriate. As part of the award conditions, recipients must file a report on the impact and performance of the project, in a format prescribed by the Authority.

5. The authority may approve a grant subject to certain general or special conditions that will be incorporated into the grant award document. Because of the limited amount of funds available, the Authority may also approve and/or award an amount less than the amount requested in the application. The applicant will have thirty (30) days from the date of award to accept any special conditions and/or the reduced grant amount. If the applicant fails to accept the special conditions or lower grant amount within the required period, the Authority may unilaterally withdraw the grant award.

6. Grant or loan approvals will be issued with an expiration date. If an applicant fails to request a drawdown of funds prior to the expiration date, the application approval will expire and funds will not be issued. Extensions may be granted by the Authority under exceptional circumstances.

7. Awards will be committed to competitive, time-sensitive projects. The Authority may deny approval of an application when the application is received after the company/project has initiated or completed the proposed activities.

Ga. Comp. R. & Regs. R. 413-3-.08

O.C.G.A. Sec. 50-34-1et seq.

Original grant description entitled "Awarding of Grant Funds" submitted August 30, 2001.