Working capital or current expenses loans to eligible business organizations (Repealed)

(a) Working capital and current expenses include items such as: payroll and fringe benefits for employees, utilities, purchase of materials and supplies used in day-to-day operations, and rent payments for the period in which the business location is designated an impacted area. Working capital and current expenses does not include refinancing existing loan indebtedness or capital improvements. The Department will take into account the historical expenses of the business when determining eligible uses of loan funds. (b) The Department may require the Borrower to provide the Department, as security for the loan, mortgages or security interests in any or all of the following: real property, accounts, chattel paper, documents, instruments, general intangibles, goods, equipment, inventory or other personal property, and may further require the Borrower to have executed and delivered to the Department security agreements, financing statements, mortgages, pledges, assignments, subordinations, guarantees or other documents or evidences of security as and in the form required by the Department. (c) A current expenses or working capital loan shall be repaid on an amortized schedule of monthly payments. The loan agreement shall provide that unless otherwise notified by the Commissioner, the borrower shall begin repayment 30 days after the area is no longer impacted. The Commissioner, at the time that the area is declared impacted may, based upon the best available information, establish a date upon which the area would no longer be impacted. (d) Disbursement of the loan shall be made at the discretion of the Commissioner in accordance with the provisions of the loan agreement.