Iowa Admin. Code r. 261-405.2
Current through Register Vol. 47, No. 6, September 18, 2024
Rule 261-405.2 - Loan amounts and terms(1) The minimum loan amount is $25,000 per project.(2) The board shall not lend more than 50 percent of eligible project costs as defined in rule 261-405.5 (15).(3) A project shall be eligible for not more than $1 million in loans outstanding at any time under this program.(4) A borrower shall be eligible for not more than $1 million in loans outstanding at any time under this program.(5) The board shall not issue a loan that exceeds the value of the collateral provided.(6) Security for loans. The board will accept security for a loan. The following forms of collateral will be accepted: b. Dedicated certificate of deposit;c. Irrevocable letter of credit;e. Other forms of collateral if approved by the board, and only if the forms of collateral listed in paragraphs 405.2(6) "a" to"d" are inadequate.(7) Term. The duration of the loan shall be for 20 years, the estimated useful life of the project that is financed by the loan, the terms of any other loans used to finance the project, or the estimated return on investment for the project, whichever is shortest.Iowa Admin. Code r. 261-405.2
Adopted by IAB January 30, 2019/Volume XLI, Number 16, effective 3/6/2019