The terms of the loan are:
- Five year balloon;
- One percent above prime rate;
- Warrant coverage at 25 percent of the loan amount.
The Biotechnology Center requires execution of a Financial Assistance Agreement and a warrant document. If any SRL funds are used to purchase equipment, a security instrument will also be executed in order to ensure the Center of primary lien-holder status on all equipment purchased with Biotechnology Center money.
The Biotechnology Center will actively monitor project progress and contract compliance until the financial assistance is repaid in full. Periodic progress reports and occasional site visits will be required.