How does the ESB Loan Guarantee Program work?
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 five years from the date of issuance.
