In determining whether a small business is eligible for a loan from the small business loan program, the authority shall consider the following criteria:
1. The applicant shall be of good character as determined by rule which shall be adopted by the authority.
2. The applicant shall show evidence that the applicant is able to operate the business successfully.
3. The applicant shall have enough capital in the business so that with assistance from the loan program, the applicant will be able to operate the business on a financially sound basis.
4. The loan shall be so secured or of such sound value as to reasonably assure repayment.
5. The business' past earnings record and future prospects shall indicate an ability to repay the loan out of income from the business.
6. Whether the granting of the loan will increase employment or have other favorable effects upon the economic life of the community where the business is located.
[82 Acts, ch 1173, § 5]
C83, § 220.64
C93, § 16.64
Referred to in § 16.1, 16.61
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