Green Parts International Inc (fka GNPT)

[ANIA77]

I would suggest you do DD on SBA loans

https://www.sba.gov/loanprograms

Use of 7(a) Loan Proceeds

If you are awarded a 7(a) loan, you can use the loan proceeds to help finance a large variety of business purposes. However, there are a few restrictions. For example, proceeds can’t be used to buy an asset to hold for its potential increased value or to reimburse an owner for the money they previously put into their business.

Basic uses for 7(a) loan proceeds include:

-To provide long-term working capital to use to pay operational expenses, accounts payable and/or to purchase inventory
-Short-term working capital needs, including seasonal financing, contract performance, construction financing and exporting
-Revolving funds based on the value of existing inventory and receivables, under special conditions
-To purchase equipment, machinery, furniture, fixtures, supplies or materials
-To purchase real estate, including land and buildings
-To construct a new building or renovate an existing building
-To establish a new business or assist in the acquisition, operation or expansion of an existing business
-To refinance existing business debt, under certain conditions

SBA loans cannot be used for these purposes:

-To refinance existing debt where the lender is in a position to sustain a loss and SBA would take over that loss through refinancing
-To affect a partial change of business ownership or a change that will not benefit the business
-To permit the reimbursement of funds owed to any owner, including any equity injection or injection of capital to continue the business until the SBA-backed loan is disbursed
-To repay delinquent state or federal withholding taxes or other funds that should be held in trust or escrow
-For a purpose that is not considered to be a sound business purpose as determined by SBA