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 § 41-23-66

Title 41State Government

Ch. 23Department of Economic and Community Affairs

Art. 4Alabama Small Business Incubator Act

This text of Alabama § 41-23-66 (Disbursed Grant Funds Not Utilized to Revert to Loans; Repayment) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 41-23-66 (2026).

Text

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.