ARM 8.99.511. MICROBUSINESS LOANS - ELIGIBILITY FOR AND TERMS AND CONDITIONS

(1) Microbusiness loan applicants will be required to certify to the MBDCs, that the applicants are eligible borrowers as defined in 17-6-403 and 17-6-407(5) and (6) , MCA. (2) Full-time equivalent employment of the microbusiness loan applicant will be measured for the purpose of determining eligibility on the basis of the payroll period immediately prior to the loan application date. (3) The dollar value of all microbusiness loans having repayment terms of more than five years may not exceed 15% of the total dollar value of all microbusiness loans made by an MBDC. (4) The interest rate charged to microbusiness borrowers by MBDCs shall be, at a minimum, the highest rate charged by the department to the MBDC for development loans and, at a maximum, the rate allowed by Montana law pursuant to 31-1-107, MCA. MBDCs will report quarterly, in writing to the department, the interest rate(s) charged to borrowers.