HAR §15-120-11. Conditions for loans

Loans shall be made to qualified applicants with the following te1ms and conditions: (1) The amount of the outstanding balance on all loans to any one applicant at any one time shall not exceed $250,000; (2) The director shall determine the amount and kind of security required for each loan. Such security may be subordinated to other direct loans made by financial institutions; (3) The maximum term ofa loan shall not exceed ten years; (4) Each loan shall bear a simple interest rate ofnot less than three and not more than six per cent a year; (5) The department shall determine the commencement date for the repayment ofthe first installment. The director may defer principal and interest payments ofloans for a period not to exceed two years, provided that principal and interest shall accrue over the two-year defen-al period; and 120-6 3 3 62 ' l § 15-120-11 (6) When appropriate, the department may prescribe management counseling. [Eff t-1A.~ ~ ]~(~: HRS §210D-8) (Imp: HRS §§210D-8, 210D-9, and 21OD-:.rd)