ARSD 74:05:08:18. Assistance agreement interest rates

The board may set interest rates at any board meeting if the proposed action is included on the agenda posted for the meeting. The board shall set the interest rates based upon the following criteria: (1) Current market rates; (2) Rates secured on state issued matching funds; and (3) Current demand for program funds. The interest rate on the loan is 0 percent if the board determines to award a 100 percent principal forgiveness loan.