A loan can be made to a new or existing business located in Ripley County. Loans will be to applicants meeting the definition of “small and emerging private business enterprises” defined as “any private business that will employ 50 or fewer new employees and has less than $1 million in projected gross revenues.” At least 51% of the outstanding interest in the applicant must be owned by those who are either citizens of the United States or reside in the United states after being legally admitted for permanent residence. Test.
Funds will not be used to produce agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations except for commercial nurseries, timber operations, or limited agricultural production related to technical assistance projects.
Funds will not be used to finance comprehensive area-wide planning.
Funds will not be used to fund a part of a project which is dependent on other funding unless there is a firm commitment of the other funding to ensure completion of the project.