25 Pa. Code § 83.227 - Loans
(a) The Commission
will issue loans and set applicable terms and conditions it deems appropriate.
The Commission may consider factors it deems relevant, including the following:
(1) Current market interest rates.
(2) The financial ability of the applicant to
repay.
(3) The necessity to
maintain the fund in a financially sound manner.
(b) Loans may be based on the ability to
repay from future revenue to be derived from the applicant's agricultural
operation. Loans may be secured by a mortgage or the security interest, or
both, or by any other fiscal manner which the Commission deems appropriate. The
minimum rate of interest to be paid on any loan made is 1%.
(c) The term of loans may not exceed 10 years
from the day the loan agreements are executed.
(d) The Commission may defer the initiation
of the repayment of principal up to 12 months from the date the loan agreements
are executed. The borrower may begin principal and interest payments sooner
than required, if the borrower so desires.
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