17-6-312. State participation in loans.
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/mt/title-17/chapter-6/part-3/17-6-312·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-6-312 . State participation in loans.
(1)Subject to 17-6-311 , state participation in any loan to a business enterprise, except for a loan made pursuant to 17-6-317 or guaranteed by a federal agency, must be limited to 80% of the outstanding loan. The state shall participate in the security for a loan in the same proportion as the loan participation amount.
(2)State participation in loans to nonprofit corporations may qualify for the job credit interest rate reductions under 17-6-318 if the interest rate reduction passes through to a for-profit business creating the jobs.