The CWSRF financial staff will review the last three audited financial statements to determine the creditworthiness of potential borrowers. Should any problems be discovered, our staff will notify the borrower and attempt to resolve them so the project can proceed as planned. In some extraordinary cases, it may be necessary to modify the project if we are unable to lend the entire amount requested.
Projects may be segmented to fit the borrower's ability to repay and/or our availability of funds to lend.
The following terms are currently in effect (as of January 26, 2009):
|Effective interest rate:
||Semiannually, beginning on the first scheduled repayment date after the first cash disbursement.
||Annually, beginning on the first scheduled principal repayment date after the second anniversary of the loan closing for 20 years. No principal repayments are due for the first 2 years or until construction is complete (whichever is shorter).