Eligibility (Repealed)

(a) Eligible applicants shall include: (1) New small industrial and commercial business ventures within the zone, provided such applicants shall provide a minimum of 10 percent of the capital required to commence the venture and evidence that the business will provide a minimum of two full time, permanent positions or gross receipts of at least $50,000 within one year; or (2) Existing small industrial and commercial businesses within the zone. (b) A borrower is eligible for only one loan from the fund at a particular point in time. (c) The Commissioner may reject an otherwise eligible applicant if the loan made from this fund would place another business in the enterprise zone at a competitive disadvantage. (d) No loan shall be made to a business who: (1) is relocating from an area that meets the eligibility criteria in Section 1 (a) of the act, to a designated enterprise zone; or (2) is relocating from an area not meeting the eligibility criteria in Section 1 (a) of the act but located in a distressed municipality, as defined in Section 32-9p, to a designated enterprise zone; provided that in cases where the Commissioner makes a finding that the relocation of the business will represent a net expansion of business operations and employees, the business will be eligible for a loan. For the purposes of this section, relocation is defined as the transferring of personnel or employment positions from one or more existing locations to another location.