Section 612.679 - Conditions for approval of loans1. A nonprofit private entity which administers the disbursement of money received as a grant pursuant to the program may approve an individual loan of up to $15,000 to a start-up business without the approval of the Administrator. The Administrator may waive the loan limit prescribed in this subsection for a loan not exceeding $20,000.2. A loan may not be made to:(a) An applicant for a loan by the person responsible for approving the loan on behalf of the nonprofit private entity if the person approving the loan has a dating relationship with the applicant or: (1) Is the spouse or domes tic partner of the applicant; (2) a member of the household of the applicant(3) Is related to the applicant, or to the spouse or domestic partner of the applicant, by blood, adoption, marriage or domestic partnership within the third degree of consanguinity or affinity; (4) Employs the applicant, the spouse or domestic partner of the applicant or a member of the household of the applicant; (5) Has a substantial and continuing business relationship with the applicant; or (6) Has any other commitment, interest or relationship with the applicant that is substantially similar to a commitment, interest or relationship described in subparagraphs (1) to (5), inclusive; or (b) A start-up business owned wholly or in part by any person who is an employee of the nonprofit private entity or under a contract of service to the nonprofit private entity; or3. An applicant for a loan pursuant to this section must submit to the nonprofit private entity a business plan which clearly identifies and explains the intended use of the loan in the manner prescribed by the nonprofit private entity.4. An applicant for a loan may not have more than one loan which is obtained pursuant to this section and which is in repayment, except that a borrower who has repaid such a loan pursuant to NAC 612.683 may apply for another loan for the purposes of expanding the business if the business still qualifies as a start-up business.5. Any legally organized business entity which receives a loan from a nonprofit private entity pursuant to this section: (a) May use the money for business-related costs, including, without limitation, costs associated with the start-up of the business and licensing and permitting; and(b) May not, in any manner, use any portion of the money for expenses commonly considered personal in nature.6. As used in this section, (a) "Dating relationship" has the meaning ascribed to it in NAC 284.0533.(b) "Domestic partner" has the meaning ascribed to it in NRS 281A.085. (c) "Domestic partnership" has the meaning ascribed to it in NRS 281A.086. (d) "Household" has the meaning ascribed to it in NRS 281A.100. Nev. Admin. Code § 612.679
Added to NAC by Employm't Security Div. by R128-09, eff. 4-20-2010; A by R084-14, eff. 10/24/2014