Current through Chapter 253 of the 2024 Legislative Session
Section 211D-7 - Limitations on state contribution to reserve account(a) The amount deposited by the department into a participating financial institution's reserve account for any single loan recipient may not exceed $100,000 during a three-year period.(b) The maximum amount the department may deposit into a reserve account for each capital access loan made under this chapter is the lesser of $35,000 or an amount equal to: (1) Eight per cent of the loan amount if: (A) The borrower is an eligible enterprise zone business located in an area designated as an enterprise zone under chapter 209E; or(B) The borrower is a small or medium-size business or a nonprofit organization that operates or proposes to operate a child care facility or adult residential care home; or(2) Six per cent of the loan amount for any other borrower.