6 MAC Pt. 11, R. 3.12
Loan Terms and Conditions
Cite as 6 Miss. Admin. Code Pt. 11, R. 3.12
Loan Terms and Conditions.
A.
The borrower must inject a minimum of ten percent (10%) equity into the project.
B.
The minimum loan amount is $250,000.
C.
The term of the loan shall be the determined useful life of the asset to be financed
or up to twenty (20) years, whichever is less.
D.
The rate of interest on the loan will be at a fixed rate. MDA will determine the
interest rate of a loan on a project-by-project basis based on a review of the
application.