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the Board can determine on a loan by loan basis if any one borrower qualifies <br />for an exemption to the maximum loan size. <br />6. Interest rates <br />The minimum interest rate the IRF will charge is four (4) percentage points <br />below the lesser of the current money center prime interest rate quoted in the <br />Wall Street Journal, or the maximum interest rate allowed under State law. In <br />no event shall the interest rate be less than the lower of four (4) percent or 75 <br />percent of the prime interest rate listed in the Wall Street Journal. If the prime <br />interest rate listed in the Wall Street Journal exceed fourteen (14) percent, the <br />minimum IRF interest rate is not required to be raised above ten (10) percent if <br />doing so compromises the ability of the RLF Recipient to implement its <br />financing strategy. <br />Guidelines and exceptions above the minimum would be based on the following: <br />• Start-up loans may be charged higher rates based on increased risk and the <br />company's growth potential <br />• Based on the assessed potential for a company to obtain conventional <br />financing at a later date, the rate may be set higher to encourage refinancing <br />• Based on an assessment of the company's ability to afford higher debt <br />service payments, the rate may be set higher <br />• The interest rate for high tech starLups may be set higher to reflect the <br />increased risk <br />7. Standard repayment terms and allowable deviations <br />Working capital loans will mature within (3) three years unless a sales contr ' act <br />exists to support a longer term. Such loans to high tech, start-up companies will <br />not require a sales contract. <br />Equipment loans will mature within (10) ten years and may mature earlier <br />depending on the estimated life of the asset being financed, of the company's ability <br />to afford higher debt service payments related to a shorter term. <br />Real estate loans will mature within (20) twenty years and may mature earlier <br />depending on the assessment of the company's ability to afford higher debt service <br />payments related to a shorter term. <br />8. Fees <br />There will be a closing fee of $1,000 per loan which may be waived by the IRF <br />Board as necessary. There will be an annual service fee of one half of one percent <br />of the outstanding loan balance calculated each year on the anniversary date of the <br />14 <br />