Grant & Loan Programs: ESB
Frequently Asked Questions
Q: How does the ESB Loan Guarantee Program work?
A: The borrower must go directly to the lender to make application for loan funds. After performing normal loan underwriting, the lender must decide whether or not he will make the loan outright. If a loan guarantee is required, the lender can submit an application to OneGeorgia's ESB Loan Guarantee Program. The lender must certify that proper due diligence and normal underwriting was completed. All applications received by OneGeorgia from lenders will be reviewed against established threshold requirements as outlined in adopted program regulations. Lenders submitting approved applications will have thirty days from the date of the guarantee agreement to accept the conditions and guarantee amount. The Loan Guarantee Certificate may not exceed the lesser of the life of the asset or ten years.
Q: Who can apply for ESB funds?
A: A banker or other lender who has a State or federally chartered bank or lending institution in "good standing" with regulatory services and who has a physical location in Georgia. The lending institution must have an established and demonstrated successful lending track record.
Q: Who is an eligible borrower?
A: Borrowers may be Entrepreneurs, start-ups and small business owners. The borrower must be a "for-profit" business enterprise properly organized in Georgia and located in an eligible county or a conditionally eligible county with population less than 150,000. The business owner or majority principal must live in an eligible county. The business must meet ESB eligibility requirements and lender's underwriting criteria for consideration.