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Interest rates on the SBA debentures are fixed to U.S. obligations of comparable <br /> maturities. Last known rare was 15.3% (September). <br /> <br /> The term of the loan will be the lesser of 25 years or the economic life of th~ <br /> <br /> The CDC may charge a: <br /> <br /> 1. Processing fee of 1%%'on the amount of the SBA debentures ($i00,000 = <br /> $1,500) <br /> <br /> 2. Servicing fee of ~ per annum on the outstanding debenture balance <br /> ($500/$100,000) <br /> <br /> A prerequisi~ of the 503 program is that we must organize a CDC (certified <br />development company) which ~s a corporate entity recognized by the State of North <br />Carolina with <br /> <br /> 1. An identifiable service area <br /> <br /> 2. A board of 25 with representation from at least two of the following <br /> groups: <br /> <br /> 1. Local government <br /> <br /> 2. Private lending institutions <br /> 3. Community organizations <br /> 4. Business organizations <br /> <br /> As indicated in your announcement of this meeting, we would like our board ~o <br />consist of representation from 9ach of the County Commissions in Region F. We <br />would like each County Co~mission by DecamlYer 31 to appoint two more representatives <br />to the Doard. One representing a financial institution in your county and the other <br />representative should represent either the Chamber of Commerce or other private sector <br />representation of industry or corm~erce in the county. <br /> <br /> <br />