1. A small business located in a redevelopment area or a person who wishes to locate or relocate a new small business in a redevelopment area may submit an application to the agency for a loan from the revolving loan account created pursuant to NRS 279.710. An application must include a written description of the manner in which the loan will be used.
2. An agency shall, within the limits of money available for use in the revolving loan account, make loans to small businesses and persons whose applications have been approved. If an agency makes a loan from the revolving loan account, the agency shall ensure that the contract for the loan includes all terms and conditions for repayment of the loan.
3. Each agency:
(a) Shall adopt regulations that prescribe:
(1) The process by which a small business may submit to the agency an application for a loan from the revolving loan account;
(2) The criteria for eligibility for a loan from the revolving loan account;
(3) The contents of an application for a loan from the revolving loan account, which must include, without limitation:
(I) A description of the business history of the applicant;
(II) A description of the income history of the applicant;
(III) A copy of the business plan of the applicant;
(IV) A description of the contributions of the applicant to the revitalization of the redevelopment area; and
(V) A statement of whether any money from the loan will be used by the applicant to maintain or create any jobs;
(4) The maximum amount of a loan which may be made from the revolving loan account;
(5) The rate of interest for loans made from the revolving loan account; and
(6) The collateral and security interest that a small business is required to provide as security for the loan, which must be an amount sufficient to allow the agency to recoup the amount of the loan made to a small business if the small business defaults on the loan.
(b) May adopt such other regulations as it deems necessary to carry out the provisions of NRS 279.700 to 279.740, inclusive.
(Added to NRS by 2013, 797)
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