§ 63N-3-107. Agreements.

The administrator shall enter into agreements with each successful applicant that have specific terms and conditions for each loan, grant, or financial assistance under this part, including: (1) for a loan: (a) repayment schedules; (b) interest rates; (c) specific economic activity required to qualify for the loan or for repayment credits; (d) collateral or security, if any; and (e) other terms and conditions considered appropriate by the administrator; and (2) for a grant or other financial assistance: (a) requirements for compliance monitoring; (b) repayment for nonperformance or departure from the state; (c) collateral or security, if any; and (d) other terms and conditions considered appropriate by the administrator.