Purpose/Use of Funds:
• Funds can be used to finance materials, labour and all other cost necessary to complete the project in keeping with the particular contract.
• There will be no set term however the loans will be reviewed annually at the beginning of the calendar year no later than January 31st. The review, among other things, will determine whether the line is renewed or cancelled.
• Repayment would commence 2 months after expiration of contract.
• The balance withdrawn and outstanding is subject to 0% interest during the initial term given to repay the advances. There after an interest rate of 8.5% p.a. will be charged on any unpaid balance after expiration of the grace period.
• The full amount drawn down along with interest and fees will be due and payable on or before two months after the expiration of the contract.
• The contract payment will be assigned to the bank; however ultimately the responsibility for the loan payment is the customer’s.