The maximum term for a BCIB loan is 10 years, unless otherwise determined by the Board of Commissioners. Repayments will be structured as equal payments made annually, semiannually, quarterly, or monthly over the term of the loan (yet to be confirmed). Eligible Applicants may be awarded financing at a fixed reduced interest rate for the 10 year term equal to a 1.5% interest rate subsidy on the financing secured by the County. The official loan and payment terms will be determined following the issuance of County financing. All BCIB Program loans must be secured by the Applicant. The expectation is for BCIB loans to be secured by the full faith and credit of a taxing authority, but the County reserves the right to accept other forms of security upon credit review in accordance with Section 6 of the Program Guidelines.