Laserfiche WebLink
 If a potential conflict of interest exists, all necessary steps will be taken to ensure that the loan <br />application is processed in full accordance with GREDA policies, and local and State regulations. <br /> <br />6. Loan Conditions <br /> Maximum loan amount is $15,000.00 <br /> Minimum loan amount is $1,000.00 <br /> Interest rate will be zero percent <br /> Loans will be fully amortized over their 60 months term, beginning with the first required payment. <br /> Loan repayments will be deferred for 6 months following loan disbursement <br /> There will be no penalty for early repayment. <br /> Upon default of loan, or the permanent closure or sale of the business, the loan immediately <br />becomes due and payable in full <br /> Loans are not transferable unless the transfer is approved by GREDA <br /> Loans will be serviced by the City of Grand Rapids Finance Department. <br /> Loan payment method will be automatic withdrawal ("ACH") <br /> <br />7. Application Requirements <br /> Completed "Emergency Working Capital Loan" application and its required submittals <br /> Applications will be reviewed by a minimum of two GREDA Commissioners and the Executive <br />Director and will be acted upon by the full Board of GREDA Commissioners. <br /> <br />8. Collateral <br /> Loans will be secured with a Promissory Note, the form of which will be provided by GREDA. <br /> <br />9. Reporting <br /> At 6 months and one year following loan disbursement, loan recipients will be required to report <br />on the impact of the loan in areas such as; jobs retained and jobs created. <br />