Minn. R. 4308.0030
Current through Register Vol. 49, No. 7, August 12, 2024
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.
Minn. R. 4308.0030
Statutory Authority: MS s 116J.035; 116J.617; 116J.980