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2. Machinery, equipment and fixtures shall have a maximum term of ten years. 3. Real estate shall have a maximum term of 25 years. D. Period of Payment Terms may include longer amortization schedules with balloon payments. Amortization schedules shall be set up for monthly payments. Payments may be made by electronic transfer of funds. E. Repayment Payment of interest and/or principal may be deferred for up to one (1) year if merited in the loan application. Interest shall accrue during the deferment period and may be paid in full or added to the principal amount of the loan. Following the deferral period, interest and principal shall be paid for the remaining term of the loan. F. Prepayment There shall be no prepayment penalties. G. Securitv Dane County will seek to have the best possible collateral position possible to ensure that CRLF loans are adequately secured. Review Process Specific steps in the review process include the following: Preliminary Review. The Administrator will review the application for completeness and verify that the proposed project meets the minimum requirements. If the application is not complete, The Administrator will inform the applicant of the deficiencies. Formal Review, The Loan Review Committee will formally review the application and staff funding recommendation within 30 days of receipt of a completed application or at some other predetermined schedule. The Committee will recommend loan approval, denial, or postponement of approval until certain specified requirements are met. The Loan Review Committee will forward approved loan requests to the Dane County Board of Supervisors for approval. Negotiation of Terms. Upon introduction of a resolution to approve the loan application by the Dane County Board of Supervisors, the Administrator will contact the business in writing to review and explain the terms of the loan. 4. Notice of Award.lf the County Board approves the application, arrangements will be made to execute the necessary loan documents. Refection of Award. If the application is not recommended for approval by the Loan Review Committee, or is not approved by the County Board, the Administrator will send a letter to the applicant stating the reasons for rejection and offer to meet with the applicant to explore ways to strengthen the loan request or to identify alternative funding sources. Marketing The CRLF Program is marketed on the county website. It is also marketed at the quarterly Dane County Economic Development professionals meeting, to the banking community and to RLF Committee members and their communities.