Section 28: Credit guidelines

(1) Loans received under the Programme shall be for specific projects.
(2) The credit ceiling under the Programme shall be a maximum of N550.000 per project.
(3) The Board shall notwithstanding the provisions of subsection (1) or (2) of this section, have power to-
[1997 No. 20.]
(a) give a grant to any association of individuals or group of persons for a specific project under the Programme;
[1997 No. 20.]
(b) determine the interest rates on loans granted under this Programme so however that the interest rate shall at no time exceed a maximum of ten per centum annually on all outstanding balances.
(4) Loans granted under the Programme, other than loans granted to farmers, shall be liable to be recovered in full at the expiration of a period of three years beginning from three months from commencement of production.
[1997 No. 20.]
(5) Loans granted to farmers under the Programme shall be liable to be recovered in full at the expiration of a period of one year beginning from three months from commencement of production.
[1997 No. 20.]
(6) The credit guidelines specified in section 27 (b) of this Act may be amended, altered, varied or substituted by the Board.