Ga. Comp. R. & Regs. 413-6-1-.08
Refinancing of existing debt is not an eligible activity of the ESBD Loan Guarantee Program. Unless waived by the OneGeorgia Authority for good cause, the following types of sub-recipient businesses are ineligible for ESBD loan guarantees: Non-profit businesses (for-profit subsidiaries are eligible); Financial businesses primarily engaged in the business of lending, such as banks, finance companies, and factors (e.g., pawn shops); Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds; Life insurance companies; Businesses whose financed activity will be located outside the State of Georgia; Pyramid sale distribution plans; Businesses deriving revenue from legal gambling activities or games of chance (excluding the Georgia Lottery); Businesses engaged in any illegal activity; Private clubs and businesses which limit the number of memberships for reasons other than capacity; Businesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting; Consumer and marketing cooperatives (producer cooperatives are eligible); Loan packagers; Businesses with a Principal who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral turpitude; Businesses in which the Lender, or any of Lender's Associates owns an equity interest; Businesses which: Present live performances of a prurient sexual nature; or derive directly or indirectly more than de minimis gross revenue through the sale of products or services, or the presentation of any depictions or displays, of a prurient sexual nature; businesses that have previously defaulted on a State or Federal loan or State or Federally assisted financing, resulting in the State or Federal government or any of its agencies or Departments sustaining a loss in any of its programs, and businesses owned or controlled by an applicant or any of its Associates which previously owned, operated, or controlled a business which defaulted on a State or Federal loan (or guaranteed a loan which was defaulted) and caused the State or Federal government or any of its agencies or Departments to sustain a loss in any of its programs; Businesses primarily engaged in political or lobbying activities; and businesses that receive more than 25% of their gross revenue from the sale of alcoholic beverages.
Ga. Comp. R. & Regs. R. 413-6-1-.08
O.C.G.A. Sec. 50-34-1et seq.