Businesses must meet the following basic eligibility criteria to be considered:
(a) Operate a commercial enterprise within the city limits of Statesboro, Georgia with annual gross revenue of $2,000,000 or less;
(b) Must have been in existence on March 14, 2020, when the State of Emergency was declared by Governor Brian Kemp;
(c) Applicant Businesses shall be pre-screened by the City prior to loan consideration to ensure applicants do not have long-stand-ing issues with payment of ad valorem taxes, utilities, and/or occupational taxes.
The City will apply its loan loss reserve fund up to $25,000 per loan. Carver State Bank may make additional capital available based on Bor-rower qualifications.
The Lender will apply its credit and collateral standards to LLR loan applications and make loan decisions on a case-by-case basis.
Interest rates, fees, and other terms and conditions will be based on Borrower qualifications.