ARM 8.99.501. DEVELOPMENT LOAN - CRITERIA

(1) The criteria used by the department to make development loans to a certified MBDC will include the criteria required for certification as an MBDC as set forth in ARM 8.99.404 plus the following additional requirements: (a) legally binding commitment(s) for MBDC operating income other than earned income; and (b) legally binding commitment(s) for matching loan funds. (2) Development loan funds will be awarded pursuant to a promissory note, development loan agreement, and security agreement between the department and the MBDC. (3) The department will consider the following in determining the amount of a development loan awarded to a MBDC: (a) financial stability and sources and sufficiency of operating income of the MBDC; (b) market potential of the MBDC; (c) expertise and, where applicable, performance of the MBDC in management of revolving loan fund; and (d) geographic and rural-to-urban balance in distribution of program funds.