The loan terms are:
- Five year balloon;
- 1 percent above prime rate
- Unsecured
The Biotechnology Center takes company warrants equivalent to 25% of the loan principal amount for the RBL, SRL and SGL loans.
The Center also requires execution of a Financial Assistance Agreement and will actively monitor project progress and contract compliance until the financial assistance is repaid in full. Periodic progress reports and occasional site visits may be required.
Loan programs managed by the Business and Technology Development Program are available only to North Carolina companies developing biotechnology products.