Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) The Arkansas Economic Development Commission shall institute a program to make participation loans that are originated by approved community lenders for small businesses in this state.
(b) The commission's participating share of any qualified loan shall not exceed fifty percent (50%) of the total loan amount, and the commission's share shall be in an amount not less than two thousand five hundred dollars ($2,500) and not more than forty thousand dollars ($40,000).
(c) The commission shall share on a pari passu basis with the originating community lender all collateral, guarantees, repayments, and recoveries on loans made in this program.
(d) The commission shall give preference to high-unemployment counties.
The Secretary will give deference to the tribe's reasonable interpretation of the amendment and adoption articles of the tribe's governing documents. The Secretary retains authority, however, to interpret tribal law when necessary to carry out the government-to-government relationship with the tribe or when a provision, result, or interpretation may be contrary to Federal law.
Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-4-2502. Fifty-percent participation loan program - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-4-2502/
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