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22 <br />with the following: <br />All state and local regulations governing the applicant's business. <br />2. Policies established by the-Loan Commmittee for each particular <br />applicant. <br />3. Policies established by the Board of County Commissioners de-cling <br />with this loan program. <br />AMOUNT OF LOANS <br />Maximum: $50,000. Minimum: $5,000. Should market conditions change, or in <br />the event of an applicant with extraordinary conditions, a loan in amount <br />outside of the maximum or minimum may be considered by the Loan <br />Committee. All loans are subject to availability of loan funds. <br />LOAN TERM <br />Maximum Term - 5 years (except 7 years for the purchase or-improvement of <br />real estate used or to be used wholly for the business purpose of the applicant.)_ <br />Should market conditions change; or in the event of an applicant with <br />extraordinary conditions, a loan term in excess of the maximum term may be <br />considered by the Loan Committee. <br />INTEREST RATE <br />All loans will be charged finance charges based on a variable interest rate. The <br />variable interest rate (the "interest rate") will be determined by and be based on <br />the length of the maturity of the loan and an increment over the highest Prime <br />Rate ("Prime") as published on the first business day of the month in the Money <br />Rate Table in the Eastern Edition of the Wall Street Journal generally as follows: <br />Loan Term Interest Rate <br />0 up to 2 years Prime plus 2.00% <br />2 up to 3 ears Prime ius 2.25°10 <br />3 up to 4 years Prime plus 2.50% <br />4 u to 7 ears Prime lus 3.00% <br />7 <br />