c) Allowable Activities – Per Section 3505(a) and (b) of the Act, loans may be provided to, or on behalf of, the State's mature, small, or medium-sized businesses for the modernization and installation of advanced technologies or processes. A loan made for company modernization or retooling may be for any purpose consistent with the objectives of the Act, including but not limited to:

1. 1) purchases of advanced machinery;
2. 2) equipment and tooling;
3. 3) organizational expenses for services;
4. 4) personnel training;
5. 5) corporate restructuring;
6. 6) working capital;
7. 7) acquisition, improvement, or rehabilitation of land and buildings; or
8. 8) any other business expense reasonably related to the project.

d) Limitations – Per Section 3505(b) and (c) of the Act, the following limitations apply to this program:

1. 1) No loan made by the Department, or by an intermediary organization making a loan on behalf of the Department, shall be used to pay for the retirement of previous debt unless the debt is a part of the purchase or lease of machinery or equipment that is being upgraded.
2. 2) A loan under this program shall not be made for more than $500,000 or for more than 25% of the business project costs unless the Director determines that a waiver of these limits is required to meet the purposes of the Act.