A Borrower must be a legal entity or an individual who has commenced operation at the time of applying for a loan from the PL. The borrower must have an annual revenue or projected revenue of less than (XCD)2m and employ or intend to employ less than 50 permanent employees. Certain types of businesses are not eligible due to the product or service provided. See the “Exclusion List” in Article VII of this Agreement and in the ESMF. The Exclusion List and ESMF may be updated from time to time and Participating Lender informed accordingly. The business may be for profit or not for profit.