12 Pa. Code § 71.9

Current through Register Vol. 54, No. 49, December 7, 2024
Section 71.9 - Conditions of lending
(a) If a loan is approved by the Department, the eligible business shall comply with the following conditions of lending:
(1) Interest on the loan principal will accrue as of the date of disbursement of loan proceeds.
(2) Loans will be evidenced by a note and will be secured, at a minimum, by a lien on the machinery and equipment acquired or upgraded with MELF loan proceeds and by other collateral as determined by the Department to be necessary to adequately secure the loan.
(b) The Department may impose other conditions of lending it deems reasonable or necessary under the circumstances for each individual loan, based on generally recognized principles of economic development financing.

12 Pa. Code § 71.9