Alabama § 41-23-66 Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment

Alabama Statutes

§ 41-23-66 — Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment

Alabama·Title 41 State Government·Ch. 23 Department of Economic and Community Affairs·Art. 4 Alabama Small Business Incubator Act

If state grant funds are not utilized for the purposes stated in the approved grant application within two years of the date of the grant award, then the disbursed grant funds shall revert to loans. Repayment of these funds shall be made in yearly principal and interest installments for five years at the New York prime rate at the time of notification by the department that the two year limit has expired. These loans may be repaid on a shorter schedule if the grantee so desires. Loan funds recouped by the department and grant funds obligated, but not disbursed, shall become available for other purposes pursuant to this article.

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If state grant funds are not utilized for the purposes stated in the approved grant application within two years of the date of the grant award, then the disbursed grant funds shall revert to loans. Repayment of these funds shall be made in yearly principal and interest installments for five years at the New York prime rate at the time of notification by the department that the two year limit has expired. These loans may be repaid on a shorter schedule if the grantee so desires. Loan funds recouped by the department and grant funds obligated, but not disbursed, shall become available for other purposes pursuant to this article.

Alabama § 41-23-66 (Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.