§210D-10  Terms of loans.  Loans 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 six 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. [L 1990, c 111, pt of §2; am L 1996, c 192, §10; am L 2009, c
124, §7]