(a) Project loans will not be made for less than $75,000. Within statutory limitations, terms and security arrangements will be flexible, depending on the type of loan and the particular characteristics of a project. Project loans that are secured by fixed assets will be preferred.

(b) Written commitments from other funding sources necessary for completion of the project generally will be required before approval of the project loan by the directors of the corporation, and in any event before disbursement by the corporation of the project loan. Approved construction loans will not be funded before secure commitments for permanent financing have been obtained.

(c) Interest rates on project loan will be set at the time the corporation's directors approve an application. Rates and terms will reflect market conditions, the applicant's ability to repay and project requirements. No loan shall bear interest at less than three percent. Interest rates may be increased during the term of the loan if the applicant fails to create and/or retain specified employment levels approved by the corporation.

(d) For certain project loans, an additional return to the corporation may be required, based on the borrower's projected performance.

(e) Project loans will be made for the following terms:

(f) Standard repayment terms will generally include level debt service payments over the term of the project loan. In certain circumstances, deferred or graduated payments may be permitted.