beneficiaries of the applicant or members of their families when such persons shall retain any portion of their equity in the business; for projects involving agricultural production; (d) for the transfer of ownership of a business unless the loan will keep the business from closing, or prevent the loss of employment opportunities in the area, or provide expanded job opportunities; (e) for financing community antenna television services or facilities; (f) for charitable and educational institutions, churches, fraternal organizations, hotels, motels, tourist homes, convention centers, tourist, recreation or amusement facilities, lending and investment institutions and insurance companies; (g) for any legitimate business activity where more than 10 percent of the annual gross income is derived from legalized gambling; and (h) for any project which is likely to result in the transfer of business or employment from one area to another or cause production which exceeds demand. Guaranteed loans may be extended for: (a) modernization, development costs; (b) purchasing and development of land, easements, rights-of-way, buildings, facilities, leases or materials; purchasing equipment, leasehold improvements, machinery and supplies; (d) projects involving agricultural production, when not eligible for Farm Service Agency farmer program assistance and when it is part of an integrated business also involved in the processing of agricultural products and the
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