State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_143B > GS_143B-472_103

§ 143B‑472.103. Eligibility.

To qualify for assistanceunder this Part, an applicant must meet all of the following requirements:

(1)        The applicant mustbe a small business concern that meets the applicable size standardsestablished by the United States Small Business Administration for businessloans based on the industry in which the concern, including its affiliates, isprimarily engaged and based on the industry in which the concern, not includingits affiliates, is primarily engaged. In addition, in the case of anapplication for bonding assistance, the applicant, including its affiliates,may not have receipts for construction and service contracts in excess of themaximum amount established by the United States Small Business Administrationfor surety bond guarantee assistance.

(2)        The applicant mustbe an individual, or be controlled by one or more individuals, with areputation for financial responsibility, as determined from creditors,employers, and other individuals with personal knowledge. If the applicant isother than a sole proprietorship, at least seventy percent (70%) of thebusiness must be owned by individuals with a reputation for financialresponsibility.

(3)        The applicant mustbe a resident of this State or be incorporated in this State and must have itsprincipal place of business in this State.

(4)        The applicant mustdemonstrate to the satisfaction of the Authority that it has been unable toobtain adequate financing or bonding on reasonable terms through an authorizedcompany. If the applicant is applying for a guarantee of a loan, the applicantmust have applied for and been denied a loan by a financial institution. (2007‑441, s. 1.)