Qualified Borrower

Qualified Borrower A. Companies - To obtain assistance under the Existing Industry Loan Program, the company must be a manufacturing enterprise that has operated in the State for not less than two (2) consecutive years. A manufacturing enterprise is one that is exclusively or predominately engaged in activities of an industrial or commercial nature wherein labor or skill is applied by hand or machinery, to materials belonging to the manufacturer so that a new, different, or more useful article is produced for sale. The company must be financially sound, present evidence that the company can repay the debt, and must not have defaulted on any previous loan from the State or Federal Government. B. Qualified Borrowers – Local Government Entities. Counties or incorporated municipalities may apply for a loan fund to assist a manufacturing enterprise in deploying long-term fixed assets.