Section 457-303-2 - ELIGIBILITYTo be eligible for financial assistance under the program, borrowers must demonstrate each of the following:
A. The borrower has suffered serious financial hardship as a direct result of a natural disaster which has caused any part of the State to be declared a disaster area by the President of the United States or his authorized representative.B. The borrower's business which suffered the hardship must be located in the State.C. The borrower's business is organized as a for-profit business.D. The proceeds of the financial assistance will be used for a business purpose and not to discharge an existing indebtedness, unless the chief executive officer specifically approves refinancing based on a demonstration of compelling need.E. The borrower must apply to the United States Small Business Administration ("SBA") for disaster loan assistance if the borrower is eligible to do so. Failure to apply to SBA before any applicable deadline will cause the borrower to be ineligible under this program.94- 457 C.M.R. ch. 303, § 2