Okla. Stat. tit. 74, § 74-5063.4b

Requirements.

There is hereby created the Small Business Credit Enhancement

Program. Twenty-five percent (25%) of the amount allocated to the

industrial, agribusiness, and other private activity portfolio mix

category pursuant to Section 9 of this act shall be used for the

Small Business Credit Enhancement Program. Credit enhancements

provided pursuant to this section shall be subject to the following

requirements:

1. The original principal amount of credit enhancement on

behalf of any borrower shall not exceed Two Hundred Fifty Thousand

Dollars ($250,000.00);

2. The Authority may insure no more than eighty-five percent

(85%) of a loan, and at least twenty-five percent (25%) of the loan

proceeds shall be used for improvements and not more than twenty-

Oklahoma Statutes - Title 74. State Government Page 1142

five percent (25%) of the loan proceeds may be used to refinance

existing obligations of a borrower;

3. The borrower:

a. in the case of an existing business, at the time

application is made for financing assistance, employs

twenty (20) persons or less or has gross sales not

exceeding One Million Five Hundred Thousand Dollars

($1,500,000.00) per year, or

b. in the case of a new business, at the time application

is made for financing assistance, projects that,

during the first twelve (12) months of operation, it

is reasonably expected will employ twenty (20) persons

or less or have gross sales not exceeding One Million

Five Hundred Thousand Dollars ($1,500,000.00);

4. Borrowers shall be for-profit entities; and

5. Repayment of loans of less than One Hundred Thousand Dollars

($100,000.00) may be secured by less than full collateral if the

borrower or the principals of the borrower have good credit records

as determined by the Authority.