§211D-7 - Limitations on state contribution to reserve account.
[§211D-7] Limitations on state contributionto reserve account. (a) The amount deposited by the department into aparticipating financial institution's reserve account for any single loanrecipient may not exceed $100,000 during a three-year period.
(b) The maximum amount the department maydeposit into a reserve account for each capital access loan made under thischapter is the lesser of $35,000 or an amount equal to:
(1) Eight per cent of the loan amount if:
(A) The borrower is an eligible enterprisezone business located in an area designated as an enterprise zone under chapter209E; or
(B) The borrower is a small or medium-sizebusiness or a nonprofit organization that operates or proposes to operate achild care facility or adult residential care home; or
(2) Six per cent of the loan amount for any otherborrower. [L 2000, c 290, pt of §2]