- The borrower must be the user of loan proceeds.
- Business start-up or expansion must result in the creation of permanent jobs.
- Revolving Loan Funds can finance up to 33.3% of the total project cost.
- Businesses must provide 10% (minimum) of the project cost in equity.
- For every $20,000 from the Revolving Loan Fund, the borrower must create one full-time job or the equivalent of two
- Fixed prime interest rates are available.
- Loans are available up to ten (10) years.
- Principals and business must be credit-worthy and generate sufficient cash flow to repay the debt.
- Principals of the business must provide personal guarantees.
- Hazard and key man insurance naming the Southwest Georgia Regional Commission as loss payee is required.
- The borrower must pay for all legal costs associated with the transaction before loan closing.
- The borrower must pay a one-time processing fee of 2.5% of the loan due at the time of closing and 1% closing
- Businesses must be located in the Baker, Calhoun, Colquitt, Decatur,
Dougherty, Early, Grady, Lee, Miller, Mitchell, Seminole, Terrell, Thomas, or Worth Counties.