Rule 6-1-6.4 - When Not Available FSLP loans are not available under the following circumstances:
A. To pay off existing debt for consolidation purposes;B. If the direct or indirect purpose or result would be to pay off creditors of applicants who are inadequately secured or in a position to sustain a loss;C. If the assistance would, directly or indirectly, provide or replenish funds for payment, distribution, or as a loan to owners, partners, or stockholders of the applicant and would not change the ownership interest of the business;D. A charitable institution or nonprofit enterprise;E. A newspaper, magazine, radio, television broadcasting company, or similar enterprise through which editorial opinions are expressed; orF. Entities engaged in the business of lending, directly or indirectly. The FSLP is designed to provide permanent financing and may not be used for interim financing of building construction and/or rehabilitation of commercial property.
Senate Bill 3194, 1999 Regular Session, as amended by Chapter 533 Laws of 2010.