§210D-9 Loans; limitation and terms.
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§210D-9 Loans; limitation and terms. Loans made under this chapter shall be for the purposes and in accordance with the terms specified in paragraphs
(1)and
(2)and shall be made only to applicants who meet the eligibility requirements specified therein.
(1)Community-based enterprise establishment and improvement loans may be made to provide for:
(A)The start-up costs, purchase or improvement of a community-based enterprise or working capital; and
(B)The purchase, construction, or improvement of facilities; and
(2)Operating loans may be made to carry on and improve an existing enterprise, including:
(A)The purchase of equipment; and
(B)The payment of production and marketing expenses including materials, labor, and services.
The loans shall be for an amount not to exceed $250,000 and for a term not to exceed ten years. [L 1990, c 111, pt of §2; am L 1996, c 192, §9; am L 2009, c 124, §6]