ELIGIBILITY OF PROJECT FOR LOANS

A loan must be to an eligible borrower for an eligible cost in an eligible project. The maximum state contribution for a loan may not be for more than 50 percent of the total cost of the project loan, with a maximum state loan of $65,000 for any one project. Proposed eligible projects of $10,000 or greater require a participation loan. Proposed eligible projects of under $10,000 may receive a direct loan. The Community Development Division may require a participation loan in lieu of a direct loan if it determines that such action would further the purposes of the loan program.