§210D-10  Terms of loans.  Loans shallbe made to qualified applicants with the following terms and conditions:

(1)  The amount of the outstanding balance on allloans issued under this chapter to any one applicant at any one time shall notexceed $250,000;

(2)  The maximum term of a loan shall not exceed tenyears;

(3)  Each loan shall bear simple interest at a rate ofnot less than three and not more than six per cent a year, depending on thenature of the loan; and

(4)  The commencement date for the repayment of thefirst installment on principal and interest of each loan may be deferred by thedirector of business, economic development, and tourism for a period not toexceed two years. [L 1990, c 111, pt of §2; am L 1996, c 192, §10; am L 2009, c124, §7]