[§211D-7] Limitations on state contribution to reserve account.

145 words·~1 min read·/hi/211d-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The amount deposited by the department into a participating financial institution's reserve account for any single loan recipient may not exceed $100,000 during a three-year period.

(b)The maximum amount the department may deposit into a reserve account for each capital access loan made under this chapter is the lesser of $35,000 or an amount equal to:

(1)Eight per cent of the loan amount if:

(A)The borrower is an eligible enterprise zone business located in an area designated as an enterprise zone under chapter 209E; or

(B)The borrower is a small or medium-size business or a nonprofit organization that operates or proposes to operate a child care facility or adult residential care home; or

(2)Six per cent of the loan amount for any other borrower. [L 2000, c 290, pt of §2]