Current through Register Vol. 54, No. 44, November 2, 2024
(a) The Commission will issue loans and set applicable terms and conditions it deems appropriate. The Commission may consider factors it deems relevant, including the following: (1) Current market interest rates.(2) The financial ability of the applicant to repay.(3) The necessity to maintain the fund in a financially sound manner.(b) Loans may be based on the ability to repay from future revenue to be derived from the applicant's agricultural operation. Loans may be secured by a mortgage or the security interest, or both, or by any other fiscal manner which the Commission deems appropriate. The minimum rate of interest to be paid on any loan made is 1%.(c) The term of loans may not exceed 10 years from the day the loan agreements are executed.(d) The Commission may defer the initiation of the repayment of principal up to 12 months from the date the loan agreements are executed. The borrower may begin principal and interest payments sooner than required, if the borrower so desires. This section cited in 25 Pa. Code § 83.211 (relating to applicant eligibility); and 25 Pa. Code § 83.233 (relating to delegation of financial assistance).