Section 15-120-11 - Conditions for loansLoans shall be made to qualified applicants with the following terms and conditions:
(1) The amount of the outstanding balance on all loans to any one applicant at any one time shall not exceed $250,000;(2) The director shall determine the amount and kind of security required for each loan. Such security may be subordinated to other direct loans made by financial institutions;(3) The maximum term of a loan shall not exceed ten years;(4) Each loan shall bear a simple interest rate of not less than three and not more than six per cent a year;(5) The department shall determine the commencement date for the repayment of the first installment. The director may defer principal and interest payments of loans for a period not to exceed two years, provided that principal and interest shall accrue over the two-year defencial period; and(6) When appropriate, the department may prescribe management counseling.[Eff MAY 15 2020] (Auth: HRS § 210D-8) (Imp: HRS §§ 210D-8, 210D-9, and 210D-10)