Loan Interest Rates. The average interest rates for loans granted per authority of this Agreement shall range from fifty (50%) percent of prime at the time of loan approval to three (3) points over prime. However, in no cases shall the rate charged be less than two (2%) percent. The rate may include a sliding rate and provide for the deferral of interest and principal. The determination of interest rates shall be based on: number of jobs generated and/or retained, the pay levels and benefits of the jobs created and/or retained, amount of tax base created, type of business, diversification of local economy, and needs of local economy.
Appears in 4 contracts
Samples: Agreement for Business Development, Agreement for Business Development, Agreement for Business Development
