Section 210D-10 - Terms of loansLoans shall be made to qualified applicants with the following terms and conditions:
(1) The amount of the outstanding balance on all loans issued under this chapter to any one applicant at any one time shall not exceed $250,000;(2) The maximum term of a loan shall not exceed ten years;(3) Each loan shall bear simple interest at a rate of not less than three and not more than ten per cent a year, depending on the nature of the loan; and(4) The commencement date for the repayment of the first installment on principal and interest of each loan may be deferred by the director of business, economic development, and tourism for a period not to exceed two years.Amended by L 2024, c 68,§ 1, eff. 6/21/2024.L 1990, c 111, pt of §2; am L 1996, c 192, §10; am L 2009, c 124, §7 .