S.D. Admin. R. 68:02:02:29
Unless different terms are established upon the affirmative vote of two-thirds of the members of the board present and voting, the maturity date of the VASF loan may not be more than six years from the date of the final disbursement of loan proceeds, with regular payments amortized over not more than 20 years from the date of final disbursement of loan proceeds. The first payment shall be due one year from the date of the final disbursement of loan proceeds. The borrower may request an extension of the date of the first payment, but the extension will not act to extend the final maturity date. The application for an extension must be submitted by the monthly loan application deadline prior to the first payment date.
The standard interest rate for VASF loans shall be established by the board from time-to-time and published on the GOED website. The board may deviate from the standard interest rate based on the economic impact of the project, risk, and other prudent lending criteria.
The board shall consider the following when establishing the standard interest rate:
The borrower is responsible for arranging other financing when the VASF loan is due. If the borrower is unable to obtain financing, the borrower may apply for an extension of the loan by the board at an interest rate and term established by the board. The borrower shall submit any application for an extension by the monthly loan application deadline prior to the loan maturity date.
S.D. Admin. R. 68:02:02:29
General Authority:1-16G-5, 1-16G-8(10)(11).
Law Implemented:1-16G-5, 1-16G-8(10)(11), 1-16G-25 to 1-16G-27, inclusive.