Delaware Administrative Code
Title 1 - Authorities, Boards and Commissions
400 - Delaware Economic Development Office
402 - Procedures Governing The Delaware Strategic Fund
Section 402-5.0 - Forms of Assistance
Universal Citation: 1 DE Admin Code 402-5.0
Current through Register Vol. 28, No. 3, September 1, 2024
5.1 Interest Rate
5.1.1 The interest rate on a
direct loan with a term up to and including one hundred twenty (120) months
shall be sixty percent (60%) of the prime rate published in The Wall Street
Journal.
5.1.2 The interest rate on
a direct loan with a term of more than one hundred twenty (120) months shall be
seventy percent (70%) of the prime rate published in The Wall Street
Journal.
5.1.3 The interest rate on
a participation loan with a term up to and including one hundred twenty (120)
months shall be sixty percent (60%) of the participating bank's commercial
rate.
5.1.4 The interest rate on a
participation loan with a term of more than one hundred twenty (120) months
shall be seventy percent (70%) of the participating bank's commercial
rate.
5.2 Maturity
5.2.1 Loans for which the proceeds are used
for working capital purposes shall not have a maturity of greater than five (5)
years.
5.2.2 Loans for which the
proceeds are used for purposes other than working capital and the purchase or
renovation of real estate shall not have a maturity of greater than ten (10)
years.
5.2.3 Loans for which the
proceeds are used to purchase or renovate real estate shall not have a maturity
greater than twenty (20) years.
5.3 Repayment
5.3.1 Loans will be amortized and repaid to
the Authority on a monthly basis. Any amortization of Loan repayment other than
monthly principal and interest shall be at the sole discretion of the
Authority.
5.3.2 Participations
will be amortized to mirror those of the financial institution from which the
Participation was purchased.
Disclaimer: These regulations may not be the most recent version. Delaware may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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