ARM 8.99.504. DEVELOPMENT LOAN - TERMS

(1) Development loans shall be renewable at intervals of no more than four years. Development loans shall require, at a minimum, the payment of interest on a quarterly basis. (2) The loan agreement shall require that the MBDC provide classroom training, pre-loan and post-loan consulting and technical assistance as described in the MBDCs application for certification. (3) The loan agreement will specify reporting obligations of the MBDC to the department, including scheduling and format of reporting. (4) The loan agreement will require fidelity bonding of all MBDC employees having access to development loan funds.