Minnesota Administrative Rules

4308.0030 ELIGIBILITY OF PROJECT FOR LOANS.

A loan must be to an eligible borrower for an eligible cost in an eligible project. The maximum state contribution for a loan may not be for more than 50 percent of the total cost of the project loan, with a maximum state loan of $65,000 for any one project.

Proposed eligible projects of $10,000 or greater require a participation loan. Proposed eligible projects of under $10,000 may receive a direct loan. The Community Development Division may require a participation loan in lieu of a direct loan if it determines that such action would further the purposes of the loan program.

Statutory Authority:

MS s 116J.035; 116J.617; 116J.980

History:

14 SR 1419; 19 SR 887

Published Electronically:

September 26, 2007